Elcora Advanced Materials Corp announced a private placement of 8% interest bearing, unsecured, convertible promissory note in the principal amount of CAD 102,750 for gross proceeds CAD 102,750 on May 16, 2024. The convertible promissory note has a maturity date of September 27, 2024, and the principal amount may be converted in whole or in part into fully paid and non-assessable common shares in the capital of the Company at a conversion price of CAD 0.05 per Common Share, resulting the issuance of up to 2,055,000 Common Shares upon the conversion of the convertible promissory note in accordance with its terms. Any accrued and unpaid interest may be converted into additional Common Shares under a subsequent shares-for-debt filing with the TSX Venture Exchange, which will also be subject to TSX Venture Exchange acceptance at such. All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. Closing of the Offering is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from one placee.