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CALGARY, Alberta – E3 Lithium Ltd. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), a developer in Alberta’s lithium sector, has introduced its strong monetary standing, backed by important authorities grants and investments. The corporate has obtained greater than $32 million CAD in non-dilutive funding and expects to acquire over $4 million in reimbursements early this 12 months.
Supported by Alberta Innovates, E3 Lithium has already been granted $1.425 million for the event of its Direct Lithium Extraction (DLE) expertise, with an extra $375,000 anticipated upon the completion of a milestone report. The Strategic Innovation Fund (SIF) has additionally invested $27 million, with near $21 million nonetheless obtainable for E3 Lithium to say. These funds are geared toward supporting numerous elements of the corporate’s growth, from useful resource extraction to industrial manufacturing, with prices reimbursed at a fee of 33.94%.
Furthermore, the corporate has totally claimed a $3.545 million non-repayable contribution from the Vital Minerals Analysis Growth and Demonstration Program (CMRDD) for setting up and working its 2023 discipline pilot plant. The Alberta Jobs Now program has additional supplemented E3 Lithium’s funds by offering $43,750 to offset hiring and coaching prices.
As of September 30, 2023, E3 Lithium reported a money working capital of $37.9 million, positioning it to advance its 2024 plans confidently. President and CEO Chris Doornbos expressed gratitude for the federal government help and emphasised the corporate’s dedication to pursuing all eligible grants to foster the expansion of Canada’s lithium trade.
E3 Lithium, with its substantial lithium sources and revolutionary expertise, goals to provide high-purity, battery-grade lithium merchandise. The corporate’s Clearwater Lithium Venture boasts an NPV8% of USD 1.1 billion pre-tax and USD 820 million after-tax, with important measured, indicated, and inferred lithium carbonate equal (LCE) mineral sources.
This information is predicated on a press launch assertion and consists of forward-looking data topic to dangers and uncertainties. E3 Lithium has not but examined its lithium extraction applied sciences on a industrial scale, and these statements replicate administration’s present expectations. Traders are cautioned to not place undue reliance on these forward-looking statements.
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