04:12 PM EDT, 09/16/2025 (MT Newswires) -- Electra Battery Materials ( ELBM ) said Tuesday afternoon it made changes to its recapitalization and restructuring plan.

Under the updated agreement with its secured noteholders, Electra will convert about US$41.3 million of outstanding notes, plus accrued and unpaid interest, into about 55-million units of the company, according to the statement.

These units are being issued on the same terms as Electra's brokered private placement offering, which aims to raise up to US$30 million, the company said, adding that the move will reduce its total convertible debt by 60%, bringing it down to about US$27.5 million.

Each US$0.75 unit includes a share and three-year warrant to buy a shares for US$1.25 warrant.

The remaining 40% of the notes, plus interest, will be turned into a new three-year term loan. As part of that loan agreement, Electra will issue a one-time bonus of 3.8-million shares to the lenders, priced at US$0.90 per share.

The completion of the restructuring is still tied to several conditions, including shareholder approval, regulatory clearance from the TSXV, and notification to the Nasdaq, the company added.

Electra shares closed up $0.15 to $1.38 on the TSX Venture Exchange.