Elcora Advanced Materials Corp. (TSXV:ERA) announced a non-brokered private placement up to 20,370,370 at CAD 0.27 per unit for gross proceeds of up to CAD 5,499,999.9 on January 31, 2017. Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at CAD 0.34 for two years following the closing. The term of the warrants may be accelerated in the event that the company’s shares trade at or above a price of CAD 0.006 per share for a period of 20 consecutive days. In such case of accelerated warrants, the warrants will expire 45 days from the date of providing such notice. The company will pay finders' fees in connection with the transaction. All securities issued pursuant will be subject to a statutory four-month hold period. The transaction is subject to the approval of the TSX Venture Exchange .The transaction is expected to close on or about February 2, 2017.