EnviroLeach Closes Private Placement for $2.35 Million

VANCOUVER, BC / ACCESSWIRE /  March 27, 2020 / EnviroLeach Technologies Inc. (the "Corporation" or "EnviroLeach"), (CSE:ETI)(OTCQB:EVLLF), is pleased to announce the completion of its previously announced non-brokered private placement having received subscriptions for 3,144,001 units ("Unit") at a price of $0.75 per Unit, for total gross proceeds of $2,358,001. Insiders accounted for 9.8% of the placement.

Each Unit consists of one common share in the capital of the Corporation and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share in the capital of the Corporation at a price of $1.00 at any time prior to 4:30 pm PDT on March 25, 2022. The expiry date of the Warrants is subject to acceleration as follows: If at any time after July 25, 2020, the closing price (or closing bid price on days when there are no trades) of the common shares on the Canadian Securities Exchange exceeds CA $2.00 for 15 consecutive trading days, then, the Corporation may send Warrant holders notice of acceleration of the expiry date ("Amended Expiry Date") and issue a news release announcing the Amended Expiry Date. The Amended Expiry Date will be 30 days after the date on which notice of the new date is sent to the Warrant holders.

The securities issued in connection with this private placement will be subject to a hold period under Canadian securities legislation which will expire on July 24, 2018. Finders fees of $37,800 in cash will be paid and 42,000 compensation warrants ("Compensation Warrant") will be issued in connection with the private placement. Each Compensation Warrant will entitle the holder to purchase one unit (consisting of one common share and one common share purchase warrant) at the private placement offering price of $0.75 per unit and will be exercisable until March 25, 2022. Each underlying common share purchase warrant will be subject the same terms as the Warrants.

The Corporation intends to use the proceeds from the private placement for general working capital, E-Waste facility upgrades and to continue the development of its technologies.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

About EnviroLeach Technologies Inc.

EnviroLeach Technologies is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.

Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, and strategic partners and over $20 million in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site:https://enviroleach.com

Forward-Looking Statements

This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach's financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.

Contact Information :

Jason Leikam
VP Corporate Development
info@EnviroLeach.com

SOURCE: EnviroLeach Technologies Inc.

ReleaseID: 582811