Halifax, Nova Scotia--(Newsfile Corp. - January 31, 2017) - Troy Grant, President and CEO of ELCORA ADVANCED MATERIALS CORP.
(TSXV: ERA) (OTCQB: ECORF) (FSE: ELM), (the "Company" or "Elcora"), is pleased to announce a non-brokered private placement
offering (the "Private Placement") of up to 20,370,370 units ("Units") at a price of $0.27 per Unit to raise aggregate gross
proceeds of up to $5,500,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each full
warrant gives the holder the right to purchase one additional common share of Elcora at an exercise price of $0.34 for two years
following the closing of the Private Placement. The term of the warrants may be accelerated in the event that the issuer's shares
trade at or above a price of $0.60 cents per share for a period of 20 consecutive days. In such case of accelerated warrants, the
issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 45 days from the
date of providing such notice.
The Company will pay finders' fees in connection with the Private Placement.
All securities issued pursuant to the Private Placement will be subject to a statutory four-month hold period. The proceeds from
the Private Placement will be used to increase the output of the Sri Lanka mining site in order to meet the demand and continued
Lithium-Ion battery testing and development. Completion of the Private Placement is subject to the approval of the TSX Venture
Exchange and is expected to close on or about February 2, 2017.
Further to the news release issued October 27, 2016 where Elcora announced the extension of the expiry date of 7,142,857 share
purchase warrants issued pursuant to a non-brokered private placement financing in November 2015 (the "2015 Warrants"), the Company
wishes to announce that the 2015 Warrants were not extended.
About Elcora Advanced Materials
Elcora was founded in 2011 and has been structured to become a vertically integrated graphite & graphene company that mines,
processes, refines graphite, and produces both the graphene and end user graphene applications. As part of the vertical
integration strategy, Elcora has secured high-grade graphite and graphene precursor graphite from its interest in the operation of
the Ragedara mine in Sri Lanka which is already in production. Elcora has developed a unique low cost effective processes to make
high quality graphite and graphene that are commercially scalable. This combination means that Elcora has the tools and resources
for graphite and graphene vertical integration.
For further information please visit the company's website at http://www.elcoracorp.com
For further information please contact: Troy Grant, Director, President and CEO, Elcora Resources Corp., T: 902 802-8847 F: 902
446-2001.
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock Exchange,
securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release
includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans
and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to differ materially from Elcora's expectations are
exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any
information released or received with respect to the transaction may not be accurate or complete and should not be relied
upon.
