2/16/11 12:50:00 PM - News ReleaseMr. Tony Ricci reports
ELECTRIC METALS INCREASES NON-BROKERED PRIVATE PLACEMENT AND AMENDS WARRANTEXERCISE PRICE
Electric Metals Inc. has amended the non-brokered private placementpreviously reported in Stockwatch on Feb. 15, 2011, to increase the number ofunits from up to 10 million units of the company to up to 15 million units, at aprice of 10.5 cents per unit, for gross proceeds of up to $1,575,000. Thewarrant price originally announced in Stockwatch on Feb. 15, 2011, of 13.5 centshas also been amended. Each unit to this private placement will consist of onecommon share and one common share purchase warrant. Each warrant will entitlethe holder to acquire an additional common share for 15.5 cents per share for atwo-year period. All other terms and conditions remain constant.
Finders' fees may be paid in accordance with regulatory policy. All sharesissued in connection with the private placement are subject to a four-month holdperiod.
The private placement is subject to regulatory approval. Proceeds from theprivate placement will be used for further exploration on the company'sChuchinka property and other projects as well as corporate working capital.