Mr. Donald Currie reports
ELECTRIC METALS INC. ANNOUNCES CLOSING OF $1,575,000 UNIT FINANCING
Furtherto Electric Metals Inc.'s news in Stockwatch Feb. 15, 2011, and Feb.16, 2011, it has now closed a non-brokered private placement consistingof 15 million units of the company, at a subscription price of 10.5cents per unit, and for gross proceeds of $1,575,000. Each unitconsists of one common share and one share purchase warrant entitlingthe holder thereof to purchase one additional common share of thecompany at an exercise price of 15.5 cents up to and including March 21,2013.
All shares issued pursuant to this private placement, and any warrantshares issuable in connection with the exercise of any warrants, if any,will be subject to a four-month hold period expiring on July 22, 2011,in accordance with the policies of the TSX Venture Exchange andapplicable securities laws.
Total finders' fees of $78,750 in cash and 750,000 finders' warrants areto be paid and issued in conjunction with the closing of the privateplacement, with each finder's warrant having the same terms as thewarrants forming part of the units under this private placement.
Net proceeds from the private placement will be used for furtherexploration on the company's Chuchinka property, and other projects aswell as corporate working capital.