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American Manganese brings in $507,450 from first tranche of private placing

Proceeds are to be used mainly for the completion of the group's pilot plant and for general working capital
American Manganese brings in $507,450 from first tranche of private placing
Each unit will consist of one American Manganese share and one share purchase warrant

American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) said it had closed the first tranche of a previously announced private placing, raising $507,450.

The critical metals group is carrying out the financing to raise gross proceeds of up to $1.5 million.

READ: American Manganese expects December start for scrap cathode metal pilot plant

Proceeds are to be used mainly for the completion of the group's pilot plant and for general working capital.

This first tranche consists of over 3.3 million units of the company.

The private placing is for a unit offering at a price of $0.15 each and  each unit will consist of one share and one purchase warrant.

The warrant  is exercisable for one common share at a price of $0.20 per share for two years from the date of closing the offering.

Last month, the group said it expects to commission its pilot plant for scrap cathode metal during the week of December 17.

The Surrey, British Columbia-based company plans to carry out tests of its handling of cathode scrap acquired from a US recycler.

Lab tests have already been conducted by Kemetco, a contractor based in Richmond, British Columbia.

The pilot plant in Arizona will process a ton of battery cathode material at 1 kilogram per hour, according to American Manganese.

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