E-Tech Resources Inc. (formerly Battery Road Capital Corp.) Announces Closing of Qualifying Transaction, Anticipated Relisting

E-Tech Resources Inc. is pleased to announce that it has closed its Qualifying Transaction, being the acquisition of all the outstanding shares of E-Tech Kalapuse Mining and, subject to issuance of the Final Exchange Bulletin, will re-list on the TSX Venture Exchange.

E-Tech Resources Inc. (formerly Battery Road Capital Corp.) (TSXV: REE) (“E-TECH” or the “Corporation”) is pleased to announce that it has closed its Qualifying Transaction, being the acquisition of all the outstanding shares of E-Tech Kalapuse Mining (Pty) Ltd. (E-Tech Namibia) and, subject to issuance of the Final Exchange Bulletin, will re-list on the TSX Venture Exchange.

Name Change

Prior to completion of the Qualifying Transaction E-Tech changed its name from ‘Battery Road Capital Corp.’ to ‘E-Tech Resources Inc.’.

Stock Split

Prior to completion of the Qualifying Transaction, E-Tech split its common shares on the basis of two (2) new common shares for each one (1) old common shares (the “Split”) on October 15, 2021, resulting in 25,971,500 post-split common shares of E-Tech. The mailing date of the new share certificates was October 18, 2021.

A new CUSIP number has been issued for the post-split shares under “E-Tech Resources Inc.”. Shareholders are not required to take any action with respect to the Split or the name change and are not required to exchange their existing share certificates for new certificates bearing the new name. The Corporation’s transfer agent, Computershare Investor Services Inc., will send registered shareholders a new Direct Registration System advice (DRS) representing the number of post-split common shares held by such shareholders.

Closing of Qualifying Transaction

The Corporation has successfully completed the acquisition of all of the outstanding E-Tech Namibia ordinary shares as contemplated in the share exchange agreement dated October 10, 2020, as amended (the “Definitive Agreement”).

Following the Split, outstanding E-Tech Namibia convertible debentures were converted into E-Tech Namibia ordinary shares, which were subsequently purchased by the Corporation and exchanged for 14,777,790 post-split common shares of E-Tech under the terms of the Definitive Agreement.

The Corporation completed the share exchange with shareholders of E-Tech Namibia contemplated in the Definitive Agreement by issuing post-split common shares to the E-Tech Namibia shareholders (excluding above noted holders of converted debentures) in exchange for all outstanding E-Tech Namibia ordinary shares, resulting in the issuance of 22,222,240 post-split common shares as aggregate consideration.

E-Tech Metals Ltd., a shareholder of E-Tech Namibia, has completed the distribution to its shareholders pari passu of the post-split common shares it received under the Definitive Agreement.

The Qualifying Transaction closed on October 15, 2021. E-Tech Namibia is continuing business as a direct, wholly-owned subsidiary of E-Tech.

Daniel Whittaker, Chris Drysdale, John Philpott, Ken Marshall, and Edward Loye have been appointed as directors of the Corporation.

Elbert Loois has been appointed CEO, and Robert Randall has been appointed CFO and Secretary of the Corporation.

Closing of Private Placement

The 20,000,000 subscription receipts issued by E-Tech in its concurrent private placement were converted into an aggregate of 20,000,000 post-split common shares on October 15, 2021. Proceeds of the concurrent private placement have been released from escrow to the Corporation. The Corporation has paid fees owing to Numus Capital Corp. in its role as agent in the concurrent private placement. The Corporation will enter into a support services agreement with Numus Financial Inc. to provide for ongoing services to the Corporation.

Consolidated Capital

The Corporation currently has an aggregate of 82,971,530 post-split common shares outstanding following the closing of the Qualifying Transaction and concurrent private placement.

Final Exchange Acceptance and Re-listing

Final acceptance of the Qualifying Transaction will occur upon the issuance of the Final Exchange Bulletin by the TSXV. Subject to final acceptance by the TSXV, the Corporation will be classified as a Tier 2 issuer pursuant to TSXV policies. The Common Shares are expected to commence trading on the Exchange under the symbol “REE” at the opening of the markets on October 21, 2021.

About E-Tech Resources Inc.

E-Tech Resources Inc. (TSXV: REE) is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia’s capital city Windhoek and 140 km east of Namibia’s main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia. The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting Licence (“EPL”) number EPL 6762; which covers Eureka Farm 99 and Sukses Farm 90. Namibia is recognized as one of Africa’s most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law. The Corporation continues to assess new project opportunities and expand its Southern African portfolio.

Further details are available on the Corporation’s website at www.etech-resources.com or contact Elbert Loois, CEO of E-Tech Resources Inc., at +1 (902) 334 1949.

Cautionary Statements

This press release may contain forward-looking information, such as statements regarding the timing of re-listing of the Corporation’s common shares, and future plans and objectives of E-Tech. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of exploration programmes and work in Namibia. Actual results may differ materially from results suggested in any forward-looking information. E-Tech assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by E-Tech with Canadian securities regulators, copies of which are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source

Featured
Boreal Metals Corp.   announces it has changed its name to Norden Crown Metals Corp. in accordance with the provisions of the Business Corporations Act . Norden Crown Metals Corp's name reflects the next stage of the new management's corporate strategy, focused on mineral exploration for precious and base metals in "Norden" Scandinavia. The Company's ticker symbol on the TSX-V will be changed to "NOCR."  The name ...

Boreal Metals Corp. (TSXV: BMX) ( Frankfurt : 03E) (OTCQB: BORMF) announces it has changed its name to Norden Crown Metals Corp. ("the Company") (TSXV: NOCR) in accordance with the provisions of the Business Corporations Act ( British Columbia ).

read more Show less
Noront Resources Ltd. announces that it has amended the shareholder rights plan previously adopted on May 26, 2021. The Rights Plan as amended is designed to ensure that all Noront shareholders are treated fairly in connection with any take-over bid and to protect against "creeping bids" for the outstanding common shares of Noront through purchases exempt from applicable take-over bid rules. Specifically, the ...

Noront Resources Ltd. (TSXV: NOT) ("Noront" or the "Company") announces that it has amended the shareholder rights plan (the "Rights Plan") previously adopted on May 26, 2021.

The Rights Plan as amended (the "Amended Rights Plan") is designed to ensure that all Noront shareholders are treated fairly in connection with any take-over bid and to protect against "creeping bids" for the outstanding common shares of Noront (the "Common Shares") through purchases exempt from applicable take-over bid rules.

read more Show less
Kirkland Lake Gold Ltd. today announced that at a special meeting of shareholders held earlier today the Company’s shareholders voted in favour of the arrangement resolution approving the proposed merger of equals whereby all of the issued and outstanding shares of the Company will be acquired by Agnico Eagle Mines Limited for common shares of Agnico Eagle in a merger of equals for consideration per Kirkland Share ...

Kirkland Lake Gold Ltd. (" Kirkland Lake Gold " or the " Company ") (TSX:KL) (NYSE:KL) (ASX:KLA) today announced that at a special meeting of shareholders held earlier today (the " Meeting "), the Company's shareholders voted in favour of the arrangement resolution (the " Kirkland Arrangement Resolution ") approving the proposed merger of equals whereby all of the issued and outstanding shares of the Company (the " Kirkland Shares ") will be acquired by Agnico Eagle Mines Limited (" Agnico Eagle ") for common shares of Agnico Eagle (the " Agnico Shares ") in a merger of equals for consideration per Kirkland Share equal to 0.7935 of an Agnico Share (the " Arrangement ").

186,840,773 Kirkland Shares, representing approximately 70.85% of the issued and outstanding Kirkland Shares as at the record date, were voted at the Meeting. The Kirkland Arrangement Resolution was approved by 150,681,106 Kirkland Shares or approximately 80.65% of votes cast by Kirkland Lake Gold shareholders either in person or represented by proxy at the Meeting. The report of voting results will be made available under the Company's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .

read more Show less
cannabis plant layered with German flag graphic
Dmytro Tyshchenko/Shutterstock

Catch up on some of the biggest news of the week for the cannabis investment world.

Three political parties have formed a coalition in Germany, leading to a new government, and it has promised cannabis reform in the European nation.

Meanwhile, a popular cannabis retailer confirmed consumers will now find its products available for delivery on the Uber Eats mobile application in Ontario.

Keep reading to find out more cannabis highlights from the past five days.


Coalition of parties promises forward-looking cannabis policy

Germany, a country with comprehensive and elaborate medicinal rules for cannabis, is in a time of transition as a new government is set to begin to take over after 16 years of Angela Merkel.

Olaf Scholz, the proposed next chancellor of Germany, leads a three party coalition that will become the country's governing body. As part of its promises, talk of adult-use cannabis regulation has now gained even more momentum. A report from MJBizDaily quotes a German policy document that shows coalition's cannabis stance:

"We are introducing the controlled distribution of cannabis to adults for consumption purposes in licensed shops. This controls the quality, prevents the transfer of contaminated substances and guarantees the protection of minors."

However, despite the promise and excitement, it remains to be seen how these ideas will be applied since no formal regulations have been drafted or approved yet.

Canadian cannabis retailer partners with popular delivery app

Tokyo Smoke, a cannabis retail operator in Canada owned by Canopy Growth (NASDAQ:CGC,TSX:WEED), announced a collaboration agreement with Uber Canada (NYSE:UBER) whereby cannabis consumers will be able to use the Uber Eats app to order products before they visit stores.

While the app won't let consumers get cannabis delivered, this new method opens the doors to more dynamic ways of buying cannabis.

"As a market leader in innovation and a platform used by so many Canadians, we believe this is the ideal next offering that can be done safely and conveniently on the Uber Eats app," Mark Hillard, vice president of operations with Tokyo Smoke, said in a press release.

A report from the Canadian Press indicates Ontario is considering allowing dispensaries to have delivery and pickup options made available to consumers permanently. The province allowed some of these purchasing options at the outset of the COVID-19 pandemic, but then removed them.

Lola Kassim, general manager of Uber Eats Canada, said this new end-to-end experience will provide consumers with responsible access to legal cannabis products.

Cannabis company news

  • Organigram Holdings (NASDAQ:OGI,TSX:OGI) issued financial results for its Q4 2021 period. In its report, the company noted a net loss of C$26 million despite a 22 percent uptick in net revenue to C$24.9 million. Beena Goldenberg, newly appointed CEO of the firm, is encouraged by the market share position earned by the company, which said it became the fourth biggest producer in Canada during the reporting period.
  • Halo Collective (NEO:HALO,OTCQB:HCANF) confirmed the decision for Akanda, its spinoff company focused on international cannabis opportunities, to begin trading on a US exchange. "The number of shares to be offered and the price range for the proposed offering have not yet been determined," the company told investors in a press release.
  • High Tide (NASDAQ:HITI,TSXV:HITI) announced the acquisition of 80 percent of NuLeaf Naturals, a CBD product wellness developer, for an estimated US$31.24 million. The deal includes a three year option clause for High Tide to complete a total acquisition. "As international markets open up and as export regulations evolve, NuLeaf's cGMP-certified facility positions us to take advantage of the global CBD business opportunity," Raj Grover, president and CEO of High Tide, said.
  • Humble & Fume (CSE:HMBL,OTC Pink:HUMBF) released the financial report for its first 2022 fiscal quarter to shareholders and the market. "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers," Joel Toguri, CEO of Humble, said.

Don't forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

gold bars

2020 was a banner year for gold-backed ETF inflows, but interest has lagged this year as investors become more comfortable taking risks.

In 2020, gold-backed exchange-traded fund (ETF) inflows ballooned to an impressive 877 tonnes, marking the largest one year intake in ETF history.

Investor appetite was fueled by economic stimulus mixed with concerns about COVID-19 closures, which together brought risk-averse buyers to the yellow metal in droves, propelling investment demand.

"Over the first three quarters of 2020, gold ETFs accounted for almost two-thirds of total investment demand," notes a monthly ETF report released by the World Gold Council (WGC) in January.


"This is significantly higher than any previous full year. Gold ETF demand was also equivalent to a quarter of the average annual gold mine production over the past five years."

Since then, gold ETF demand has waned as investors become more comfortable taking risks. So far, 2021 has seen outflows of 269.1 tonnes compared to 87.6 tonnes of inflows. Of the first 10 months of the year, six registered net outflows from the ETF segment.

In fact, a large part of gold's muted Q3 price performance has been attributed to a 7 percent decline in demand coming largely from the ETF segment. This trend continued in October, when gold ETF holdings shed 25.5 tonnes.

"Global gold ETF holdings fell to 3,567 tonnes (US$203 billion) during the month — notching year-to-date low levels — as investor appetite for gold diminished in the ETF space following price declines in August and September," an October WGC gold ETF report states.

After two months of pressure pushed the gold price to a six month low at the end of September, October saw the metal begin to rebound from the US$1,750 per ounce range to US$1,819.

Adam Perlaky, senior analyst at the WGC, told the Investing News Network (INN) that gold's price positivity in October was largely driven by growing inflationary tones.

"In recent years, gold has been inversely correlated with nominal interest rates, and yet gold strengthened during the month despite higher nominal rates," he said via email. "This is likely a result of rising inflation expectations, though changes in the relative move in interest rates may have had an impact."

He added, "Though higher rates could be a headwind for gold, broader concerns of inflation and a potential recession highlight gold's value as an effective portfolio hedge."

The role of gold amid uncertainty

Gold's use as a hedge against inflation is likely to come into focus in the coming months, a sentiment that was echoed by Juan Carlos Artigas, head of research at the WGC.

Artigas explained that while some are of the belief that the "elements of high inflation we've seen so far are transitory" and will dissipate, there will be longer-term reverberations from the current inflation, and potential secondary effects from the fiscal and monetary policies that were put in place to restart the economy.

In mid-November, JP Morgan (NYSE:JPM) said it anticipates that the US Federal Reserve will raise rates in September 2022 by 0.25 percent, followed by 25 basis point increases on a quarterly basis until real rates hit zero.

"Gold still can face headwinds from potentially higher interest rates," said Artigas.

"(The) opportunity cost of holding gold is one of the drivers of performance, and especially in the short and the medium term, interest rates tend to influence gold's behavior significantly, especially in a period where investors are looking to understand how central banks will behave."

However, as the head of research at the WGC pointed out, there are also some tailwinds that could move gold higher, including inflation that may not be transient, but more structural.

He also pointed out that interest rates are still historically very low, which has pushed investors to make their portfolios more risky. Hedging against this type of exposure is positive for gold's investment side. Additionally, on the consumer side, US infrastructure spending could also serve as a catalyst to more gold upside.

"What we know historically is that better economic growth tends to support consumption of gold, whether it is in the form of jewelry or technology, and 2021 is a good example of that, where you saw the contraction in gold-backed ETF holdings, you (also) saw an increase in demand coming from jewelry, technology and even bar and coin investment," Artigas commented to INN.

Another factor the researcher is watching is central bank gold holdings, which are on track for a 12th consecutive year of inflows. Artigas noted that a 2021 survey of central bankers conducted by the WGC found that the monetary institutes are interested in "expanding the role that gold has in foreign reserves."

"We do expect central banks to continue to be net buyers," he said, adding, "We have seen investors, especially more strategic longer-term investors, taking advantage of the price pullback that we saw in previous months as an opportunity to add gold to their portfolios."

For investors wanting to look at the strategic role gold has played throughout history, the WGC recently released a five part documentary series titled The Golden Thread.

The price of gold was at the US$1,790 level on November 25.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

MARKETS

Markets
TSX21125.90-487.28
TSXV944.05-31.53
DOW34899.34-905.04
S&P 5004594.62-106.84
NASD15491.66-353.57
ASX7407.30+7.90

COMMODITIES

Commodities
Gold1792.60+0.91
Silver23.13-0.42
Copper4.29-0.18
Palladium1751.49-106.50
Platinum955.50-41.52
Oil68.17-10.22
Heating Oil2.09-0.29
Natural Gas5.55+0.48

DOWNLOAD FREE REPORTS