07:36 AM EDT, 04/04/2025 (MT Newswires) -- Electra Battery Materials ( ELBM ) on Friday said it has raised US$3.1 million in the first tranche of a non-brokered private placement of units.

The company issued 2.75 million units at US$1.12 each. Each unit consists of one share and one warrant which can buy one share at US$1.40 for 18 months.

Proceeds will be used to advance the refinery project site in Temiskaming Shores, Ontario.

Electra expects to close a second and final tranche of the offering next week.