Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (TSX-V:AMY) is pleased to announce that the company is closing a second tranche of the non-brokered private placement for up to 10,000,000 units of the Company at $0.15 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant will be exercisable for one Share at a price of $0.20 per Share for the two years following the issuance of the Warrant.
The Company has raised gross proceeds of $131,750.10 in this second tranche of the private placement, and all securities issued under this second tranche are subject to a four-month hold period which expires on May 12, 2019. The private placement is subject to final acceptance by the TSX Venture Exchange; conditional acceptance was granted on December 3, 2018.
American Manganese Inc. is a critical metal company with a patent approved process for the recovery of metals from lithium-ion batteries such as cobalt, lithium, nickel, manganese, and aluminum. Using a novel combination of reagents and unit operations, AMY can provide 100% extraction of cathode metals at battery grade purity. American Manganese Inc. aims to capitalize on its patent approved technology and proprietary know-how to become the industry leader in recycling spent electric vehicle lithium-ion batteries (Please see the Company’s December 14, 2018 Business Plan for further details).
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