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Euro Manganese closes first tranche of C$1 million non-brokered private placement

Funds will be used to advance the Chvaletice Manganese Project feasibility study and prepare the Environmental Impact Assessment submission.

Euro Manganese Inc - Euro Manganese closes first tranche of non-brokered private placement
The company has called a special meeting of shareholders seeking approval for tranche-two

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the first component of a non-brokered private placement which is expected to raise in excess of C$1.005 million in two tranches.

Tranche-one comprised 4.47 million shares and 227,273 CHESS Depositary Interests (CDI) at a price of C11 cents per share and A13 cents per CDI for aggregate gross proceeds of C$517,489.

The second tranche of the offering, consisting of subscriptions by related parties of the company of 4.26 million shares at the same prices for aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020.

Tranche-two is subject to approval by the company’s shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange and EMN has called a special meeting of shareholders for May 1, 2020, for this purpose.

Funds to advance manganese project

Placement proceeds will be used to further advance the Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and preparation of the Environmental Impact Assessment submission as well as for other general corporate purposes.

Fees payable by the company in connection with the offering are a management fee, payable in cash of 1% 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 August 7, 2020.

Stock option grant

Euro Manganese will also grant stock options to an officer, an employee and a consultant to purchase up to an aggregate of 350,000 shares.

These options are exercisable for a term of 10 years at an exercise price of C25 cents per share and vest one-third on the date of grant and one-third on each of the first and second anniversaries of the date of grant.

Recycling tailings

The Chvaletice project will recycle historical mine tailings that host Europe’s largest manganese deposit and result in environmental remediation of this site.

The European Union is emerging as a major electric vehicle manufacturing hub and 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 aluminium alloys.

Quick facts: Euro Manganese Inc

Price: 0.09 AUD

ASX:EMN
Market: ASX
Market Cap: $16.97 m
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Full interview: Euro Manganese prepares to file Environmental Assessment...

Euro Manganese (CVE: EMN- ASX: EMN) President and CEO Marco Romero joined Steve Darling from Proactive Vancouver with news the company is preparing the papers to file for an Environmental Impact Assessment on their project Chvaletice. Romero also told Proactive that they have initiated a...

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