Electra Battery Materials (TSXV: ELBM) has seen its chief financial officer resign at a critical time as the firm looks to conduct refinery construction. It was indicated this morning that Ryan Snyder has resigned from the role with the company, effective as of the end of April.
The departure of Snyder is reportedly a result of a job offer for a “new opportunity with a senior precious metals producer.” Snyder has served in the role with Electra since October 2018.
“As we approach commercial production from Phase 1 of our Battery Materials Park, I am truly disappointed to see him leave but I fully respect his decision to pursue a new challenge with a global miner,” commented CEO Trent Mell on the announcement.
Taking on the role in an interim basis is that of Michael Insulan. A recruiting agency meanwhile has been engaged to find a permanent replacement for the role.
Outside of management changes, the firm this morning also indicated that its refinery has now obtained construction commitments for 52% of the total US$67 million required for the construction of the facility. That figure is expected to climb to 70% in the next month, although further details were not provided. Construction is said to currently be on schedule.
The announcement follows the company consolidating its outstanding shares on an eighteen to one basis last week.
Electra Battery Materials last traded at $6.40 on the TSX Venture.
UPDATE: A previous version of this article incorrectly stated that the company is looking for further funding for the construction of their refinery. The company is reportedly not looking for further funding at this time.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
