EMC Metals Completes Second Tranche Of Private Placement For $2.1 Million

EMC Metals (TSX:EMC) announced that it has finished a second tranche of a non-brokered private placement.

The press release is quoted as saying:

EMC Metals Corp.is pleased to announce that it has closed a second tranche of a non-brokered private placement of 11,035,000 common shares at $0.19 per share, for proceeds of $2,096,650. When combined with the first tranche announced on November 25, 2010, the Company raised a total of $3.6 million by issuing 18,929,740 common shares. No warrants or finders fees were issued or paid in connection with the financing.

George Putnam, CEO of the Company says:

“These recent successful financing rounds provide us with the funding necessary to meet a series of milestones in the development of our Nyngan Scandium Project in Australia. The Nyngan project is on a fast track timeframe to bankable feasibility in early 2012, to satisfy markets for scandium oxide that are largely unsatisfied at this time. The project offers an attractive time-to-market production schedule, and these recent funding rounds now give us the financial resources to keep that schedule on track.”

To access the full release, click here.