TORONTO, ONTARIO -- October 26, 2009 – Ecometals Limited (the “Company”) (TSX
VENTURE: EC) announces that it has closed the second and final tranche of a previously
announced non-brokered private placement for up to 15,789,473 units at a price of CDN
.38
per unit (each, a “Unit”) for gross proceeds of up to CDN$6,000,000 (the “Offering”). In
addition to 5,269,316 Units that were sold by the Company on October 9, 2009 for gross
proceeds of CDN$2,002,340, an additional 7,221,160 Units were sold in this second and final
tranche for gross proceeds of CDN$2,744,040.80. In total, the Company raised
CDN$4,746,380.80 pursuant to the Offering. Each Unit is comprised of one common share and
one-half of one common share purchase warrant (each whole common share purchase warrant, a
“Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a
price of CDN
.65 for a 24 month period, subject to the following acceleration rights. If at any
time prior to the expiry date of the Warrants, the closing price of the Company's common shares
is above CDN
.90 per share for 20 or more consecutive trading days, the Company may give
notice accelerating the expiry date of the Warrants to 30 days following the date of such notice.
The securities issued in this second and final tranche are subject to a four month hold period
expiring on February 27, 2010.
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