Electric Metals Inc ECCMF

ELectric Metals News....PP

[Oin1]

ELECTRIC METALS INC.
(TSX-V:EMI)
Suite 302 – 750 West Pender St
Vancouver, BC
V6C 2T7
Tel: [phone]
Fax: [phone]
NEWS RELEASE
ELECTRIC METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
VANCOUVER, B.C. February 15, 2011 – ELECTRIC METALS INC. (TSX-V:EMI) (the “Company”) is pleased to announce it intends to complete a non-brokered private placement consisting of up to 10 million units at
.105 per unit to raise $1,050,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire an additional common share for
.135 per share for a two year period.
Finders’ fees may be paid in accordance with regulatory policy. All shares issued in connection with the private placement are subject to a four month hold period.
The private placement is subject to regulatory approval. Proceeds from the private placement will be used for further exploration on the Company’s Chuchinka property, and other projects as well as corporate working capital.
The Company also announces that it has granted incentive stock options to certain directors, officers and consultants to purchase up to 1,900,000 common shares pursuant to the Company’s stock option plan. The stock options are exercisable at
.15 per share, exercisable up to and including February 14, 2016.
About Electric Metals Inc.
Electric Metals is a Canadian junior mining company focused on exploration for rare earth elements. Electric Metals has an option to earn a 75% interest in the Chuchinka property, located 80 km north of Prince George, British Columbia, from International Montoro Resources Inc. (TSX-V: IMT). The Chuchinka property is contiguous with the Wicheeda and Carbo rare earth discoveries, operated by Spectrum Mining Corporation (a private company) and Canadian International Minerals Inc. (TSX –V: CIN) respectively.
For further information, please contact Mr. Donald Currie, acting President at 604-681-0084.
ON BEHALF OF THE BOARD
“Donald Currie”
Donald Currie
Acting President

[musing]

Well, pretty cheap stock, warrants and options. The good news is that the amount being raised, while not quite pocket change, isn't much more. Similarly, the amount of dilution, while not insignificant, isn't ultimately that meaningful. We can all hope that this marks a point of more activity for the company but certainly with the amount of $ they are raising, they can't do a lot. To

[birch1]

I wonder why they would not offer at the current price in and around .15.  Anyone know this?  Anyone know how to get some?  I'm guess they might all be gone before I get the chance.

[bullrush18]

No news from these guys and then this. Here's what I'm thinking:a) they've offered a pp to close to what the stock has been trading at  of late (I got some emi not long  ago at .125) so clearly they know this going to go higherb) someone knew there was news coming before me. That was weird action yesterday considering CIn was dropping.c)  WHERE ARE THE airborne

[retireasy]

i didnt like  that they announced the financing prior to cin.v release of results.we could have saved some dilution possibly if we got a bounce from cin.didnt show any respect for the shareholders in my opinion.i sent an email off looking for an explanation but i dont know if  they even care enough to respond.

[bamako]

on good cin news, this could see 30 cents or higher.  still have bunch from .14 to .145