E3 Metals (EEMMF) Update - Feb 11

[dan_s]

I urge all of you to register for our webinar on Monday, February 15th that is being hosted by E3 Metals.
As you can see below, the Company has closed an $8 million financing.

E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral
resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD $1.1Billion with a 32%1 IRR pre-tax and USD 820M with
a 27% IRR after-tax. Through the successful scale up its DLE technology towards commercialization, E3 Metals’ goal is to
produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions,
E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world. E3 Metals also
continues to work with partners at the University of Alberta and at GreenCentre Canada. For more information about E3
Metals, visit http://www.e3metalscorp.com.

CALGARY, ALBERTA, February 8, 2021 – E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or
"E3 Metals"), an emerging lithium developer and leading lithium extraction technology innovator, is pleased to announce it
has closed the “bought deal” brokered private placement with Echelon Wealth Partners Inc. (“Echelon”) and Canaccord
Genuity Corp. (collectively, the “Underwriters”) as previously announced on January 21, 2021, for a total of over $8M.

The Company received subscriptions for 6,793,300 units of the Company, which includes the exercise of the Underwriters’
full 15% over-allotment option, for total proceeds of $8,050,060.50. Each unit of the Company is comprised of one common
share and one common share purchase warrant, on the terms previously announced. The securities issued under the offering
will be subject to a hold period expiring four months and one day following the issue date.

The Company has engaged Echelon as an advisor going forward, and in consideration has paid to Echelon an advisory fee
of $100,000 and will issue 92,400 non-transferrable common share purchase warrants. Each warrant shall be exercisable to
acquire one common share at a price of $1.65 for a period of 24 months.

“E3 saw incredible support from institutional investors as we closed the full option at just over $8M.” commented Chris
Doornbos, E3 Metals’ President and CEO. “This clear demonstration of support for E3 Metals continues as we move towards
the pilot of our DLE technology and continue on the path commercialization. The company is now fully capitalized to
complete our major milestones for 2021 and beyond.”

The company anticipates providing further information to the market in the coming month on the development plans and use
of proceeds.