Electra signs benefits agreement with Métis Nation of Ontario
by CM Staff
Electra has also agreed to issue 20,000 common shares of the company to the MNO.
TORONTO — Electra Battery Materials Corporation has signed a Benefits Agreement with the Métis Nation of Ontario, a move they say solidifies a relationship between the two parties and provides employment, training, procurement, and business opportunities in the construction of the company’s battery materials refinery north of Toronto near Temiskaming Shores.
“Signing our first benefits agreement marks an important milestone for Electra as we advance with the commissioning of our refinery,” said Trent Mell, CEO of Electra Battery Materials in a statement.
“It demonstrates our commitment to operations that are environmentally, culturally, and socially responsible, and also reflects our commitment to working with Indigenous communities in respectful and mutually beneficial ways.”
In connection with the Benefits Agreement, Electra has agreed to issue 20,000 common shares of the company to the MNO as a means of providing a measure of economic participation in the success of Electra’s low-carbon battery materials visions. The issuance of the common shares remains subject to the approval of the TSX Venture Exchange. Once issued, the common shares will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws.
Electra’s battery materials refinery in Temiskaming Shores, Ont. has a plant capacity of 5,100 tonnes of cobalt in sulfate. In concert with its effort to commission the refinery, Electra intends to launch a battery materials recycling demonstration plant in the fall of 2022.
