EMC Metals Closes $150,000 Private Placement and Appoints New Director
Vancouver, BC - August 28, 2009 - EMC Metals Corp. (TSX:EMC) ("the Company") is pleased to announce that it has completed a non-brokered private placement financing of 1,500,000 units of the Company at a price of $0.10 per unit for gross proceeds of $150,000. Each Unit consists of one common share and one half of a non-transferable share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per share until August 27, 2010. Net proceeds from the private placement will be used for general working capital.
The Company is also pleased to announce the appointment of Daniel Wolfus as Director.
Daniel Wolfus joins the Board of EMC Metals with over 28 years of investment banking experience, firstly with E.F. Hutton & Co., where he rose to become a partner and Senior Vice President in charge of the West Coast Corporate Finance Department, responsible for projects which generated over $6 billion in financing for major financial institutions and municipalities. From 1980 to 1997, Mr. Wolfus served as Chairman, CEO and chief organizer of Hancock Savings Bank in Los Angeles. During his term with Hancock Savings, the bank grew to five branches and $225 million in assets before it was sold in 1997.
Mr. Wolfus is currently a director of Evolving Gold Corp., Midway Gold Corp. and Melkior Resources Inc.
"EMC Metals is very fortunate to have Daniel Wolfus join its board. His extensive business and financial background will be invaluable to the Company's ongoing growth and development" said Peter Bosse, the Company's President.
Mr. Wolfus replaces James G.G. Watt, who is retiring from the board of EMC Metals. Mr. Watt has served as a director of the Company since its beginning in 2006 and has been a significant contributor to its growth and development. The Company is pleased to announce that Mr. Watt has agreed to continue to lend his extensive business expertise to the Company as a member of its Advisory Board.
The Board of Directors has granted stock options to Daniel Wolfus to purchase an aggregate of 225,000 shares at a price of $0.12 per share until August 28, 2014.
About EMC Metals Corp.
EMC Metals is a specialty metals and alloys company focusing on tungsten, molybdenum, vanadium, uranium and other specialty metals within North America. The company is continuing the advancement of existing projects; specifically the company's flagship property the Springer Tungsten Facility in northwestern Nevada where the General Electric Company built a 1,000 tpd underground mine and mill facility in the early 1980's for its sole domestic supply of tungsten. Springer operated for less than a year when it was shut down due depressed tungsten prices stemming from China's aggressive selling into the market. Since GE placed this operation on care and maintenance in 1982, tungsten has enjoyed an expansive growth in its applications and China has indicated it is receding from its position as the dominant supplier of metal to the world. EMC Metals acquired Springer in late 2006 and has spent approximately $38 million to date on its rehabilitation and expansion.
For further information, please contact:
EMC Metals Corp.
Peter Bosse, President: (604) 648-4653 / (916) 789-1953, or
Art Ettlinger, Chief Technical Officer (604) 685-1964
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