On May 8 Romero acquired 30,000 shares at 9 Canadian cents per share in a direct interest, increasing the number of securities held after the change to 10.943 million shares.
There are 5.858 million of these held in a direct interest with the remainder in two indirect interests.
Funds to advance Chvaletice project
The on-market purchase follows director participation in the company’s placement of shares on May 8, which was the second tranche of a non-brokered private placement and raised A$487,780.
Both tranches have contributed around A$1.005 million.
Tranche-2 was officially closed following the approval of 100% of shareholders who voted at a special meeting on May 1.
Funds 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 general corporate purposes.
Opportunity in global supply chain imbalances
Euro Manganese sees an opportunity to fill supply chain gaps for ultra-high-purity manganese products used in the lithium-ion battery industry.
The company is aiming to do this through its Chvaletice project for which feasibility study test work has been underway since October 2019.
According to Benchmark Mineral Intelligence data, manganese has flown under the radar compared to its battery raw material peers, yet its distribution of production capacity across the battery supply chain is just as precarious as the highest risk raw materials of lithium and cobalt.