EM&T intends to use the investment for the continued expansion of its commercial operations, which include an intended increase in the annual tonnage of high-performance rare earth magnets produced.
David Wilcox, Executive Chairman of EM&T, stated: "With the investment from Yorkville, Evolution continues to be strategically positioned to advance the U.S. production of critical materials, including high-performance rare earth magnets, ex-China. We have entered into an investment agreement that our Board and Management are highly confident will continue to drive existing and future shareholder value. Our immediate plans are to expand our existing commercial rare earth magnet production and scale our operations through the development of a fully integrated U.S. industrial campus.
"EM&T operates what we believe is the only known vertically stacked critical materials supply chain spanning from end-of-life electronics and batteries, as well as high-grade concentrates, through the manufacture of finished rare earth magnets, including high-performance rare earth magnets, and battery materials. We anticipate that Phase I of EM&T's planned U.S. industrial campus will establish the largest hydrometallurgical facility in the Western Hemisphere. We feel strongly that Yorkville deeply understands EM&T's business, development plans, and mission."
The investment is structured as a flexible, multi-tranche convertible facility of up to $100 million. The securities are being issued as debentures that are convertible into common stock, subject to customary limitations, including compliance with applicable Nasdaq rules. The investment includes customary registration ...
