Euro Manganese Inc. (TSX-V:EMN ) (ASX: EMN) is pleased to announce the closing on July 9, 2020 of the first tranche of the private placement announced on July 6, 2020.
The first tranche of the Offering was comprised of 5,155,738 common shares and 16,344,262 CHESS Depositary Interests, at a price of C$0.061 per Share and A$0.065 per CDI, respectively, for aggregate gross proceeds of C$1,311,500.
The second tranche of the Offering, consisting of 6,823,944 Shares at a price of C$0.061 per Share and 34,801,343 CDIs at a price of A$0.065 per CDI for aggregate gross proceeds of C$2,539,142, is expected to close in mid-August 2020, subject to and following approval by the Company’s shareholders as required by Listing Rules 10.11.1 and 7.1 of the Australian Securities Exchange.
Aggregate gross proceeds under tranche one and two of the Offering are expected to be approximately C$3.85 million. Net proceeds of the Offering will be used by the Company to further progress its Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and Environmental Impact Assessment and for other general corporate purposes. Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Offering, with Bacchus Capital Advisers Limited acting as financial adviser to the Company. Fees payable in cash by the Company in connection with the Offering will consist of a management fee of 1% of the aggregate gross proceeds from the Offering and a selling and/or finder’s fee of 5% of the aggregate gross proceeds from the Offering. Shares issued pursuant to the first tranche of the Offering are subject to a four month and one day statutory hold period expiring on November 10, 2020.
The Shares and CDIs to be issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Euro Manganese:
Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project in the Czech Republic. The Project will recycle historic mine tailings that host Europe’s largest manganese deposit and result in an environmental remediation of this site. The European Union is emerging as a major electric vehicle manufacturing hub. EMN’s goal is to become the preferred supplier of sustainably-produced ultra-high-purity manganese products for the lithium-ion battery industry and for producers of specialty steel, high-technology chemicals and aluminum alloys.
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