11:45 AM EDT, 10/22/2025 (MT Newswires) -- Electra Battery Materials ( ELBM ) said Wednesday it closed a US$34.5-million share-unit financing and US$40-million debt equitization. With US$82 million now secured from investors and government commitments, Electra confirms it has the requisite capital to complete construction and commissioning of North America's first cobalt sulfate refinery.

The company issued 46-million units at US$0.75 apiece. Each unit consists of one share and one three-year warrant to buy a share at US$1.25. Proceeds will be used to advance the completion and ramp-up of Electra's cobalt refinery, advance the black mass recycling program, and for general expenses.

Electra has also cut its debt to US$27 million from US$67 million, simplifying its capital structure.

The cobalt sulfate refinery will be the first of its kind in North America and is expected to produce up to 6,500 tonnes of cobalt sulfate annually. This will be enough to support production of batteries for one-million vehicles, or to supply strategic sectors such as national defense, energy storage, and grid infrastructure.

"With construction of our cobalt refinery now fully funded and our balance sheet reset, we are entering the execution phase with the resources and focus needed to deliver North America's first cobalt sulfate facility," said chief executive Trent Mell. "This marks a turning point for Electra and a critical step in reducing foreign dependence in the battery supply chain. The coming together of our lenders, shareholders, and three levels of government underscores the strategic importance of this asset."

Electra shares were last seen unchanged at $1.65 on the TSX Venture Exchange.

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