Euro Manganese Inc. (TSX-V:EMN) (ASX: EMN) (OTCQX: EUMNF) (Frankfurt: E06) is pleased to announce that further to its announcement of January 3, 2022, it has closed the CAD$8,499,500 strategic equity investment by the European Bank for Reconstruction and Development.
The investment was affected by way of a private placement of 17,800,000 common shares of the Company issued to EBRD at a price of CAD$0.4775 per Share. Upon the closing of the Placement, EBRD holds approximately 4.4% of the Company’s Shares (on a non-diluted basis). The proceeds from the Placement will increase the Company’s flexibility in financing the Chvaletice Manganese Project in the Czech Republic, including the feasibility study, site preparation and operating costs for the demonstration plant, and environmental works including permitting and other activities related to the Final Environmental and Social Impact Assessment.
In connection with the Placement, EIT InnoEnergy will be issued 534,000 Shares at a deemed value of CAD$0.4775 per Share, for total consideration of CAD$254,985, representing a finder’s fee equal to 3% of the gross proceeds of the Placement.
In accordance with Canadian securities laws and the policies of the TSX Venture Exchange, the Shares issued to EBRD in connection with the Placement and the Shares issued to EIT InnoEnergy, are subject to a four month and one day statutory hold period expiring on June 11, 2022.
About Euro Manganese Inc.
Euro Manganese Inc. is a battery materials company whose principal focus is advancing the development of the Chvaletice Manganese Project, in which it holds a 100% interest. The proposed Project entails re-processing a significant manganese deposit hosted in mine tailings from a decommissioned mine, strategically located in the Czech Republic. The Company’s goal is to become a leading, competitive and environmentally superior primary producer of ultra-high-purity Manganese Products in the heart of Europe, serving the lithium-ion battery industry, as well as other high-technology applications.
About the European Bank for Reconstruction and Development
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in almost 40 economies across three continents. The EBRD is owned by 71 countries, including the Czech Republic, as well as the EU and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. To date, the EBRD has invested more than EUR 1.2 billion in 110 projects in the Czech economy. The Czech Republic is the only member to have ‘graduated’ from the EBRD, which it did in 2007. However, in 2021, after a request by its government to help with the recovery from the coronavirus pandemic, the EBRD agreed to resume investing in the country.
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We acknowledge the [financial] support of the Government of Canada.