EnviroMetal Completes Tranche of Non-brokered Private Placement

Not for dissemination in the United States or for distribution to U.S. newswire services and does not constitute an offer in the United States of the securities described

VANCOUVER, BC / ACCESSWIRE / December 18, 2023 / EnviroMetal Technologies Inc. ("EnviroMetal" or the "Company") (CSE:ETI)(OTCQX:EVLLF)(FSE:7N2), is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement. The Company has received subscriptions for 5,678,822 units ("Unit") at a price of $0.05 per Unit for total gross proceeds of $283,941.

Each Unit consists of one common share in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share in the capital of the Company at any time prior to 5:00 pm PST on December 14, 2025 at a price of $0.10 per share during the initial twelve-month period from the date of closing, and thereafter $0.15 per share for the remaining twelve months.

The proceeds of the Private Placement will be used to retire outstanding convertible notes in the amount of $165,200, fund engineering and design studies, further the development of and commercial demonstration of the Company's sustainable gold recovery technology at a client's site, and general working capital. No finder's or broker's fees are payable in relation to the closing of the first tranche of the private placement. The securities issued under the placement will be subject to a four-month hold period. The closing of this and subsequent tranches of the Private Placement are subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals by the applicable securities regulatory authorities including the Canadian Securities Exchange. Subject to regulatory approval, the Company may increase the size of the Private Placement.

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.