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Euro Manganese makes final payment in Chvaletice Manganese Project acquisition

The sale and purchase agreement required shares to be issued in five equal annual tranches, each valued at $300,000, for a total value of $1.5 million.

Euro Manganese Inc - Euro Manganese makes final payment in Chvaletice Manganese Project acquisition
Marc Romero will present at the Benchmark Mineral Intelligence World Tour Online conference

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has made the final payment in its acquisition of the Chvaletice Manganese Project in Czech Republic.  

On May 13, the company issued the final tranche of common shares to project owner Mangan Chvaletice sro, which is now its wholly-owned subsidiary.

The 3.333 million shares were valued at $300,000 based on 9 cents per share being the 20-day trading day volume-weighted average of the company’s share price immediately prior the day of issuance.

Sale and purchase agreement

The sale and purchase agreement required the issuance of shares in five equal annual tranches, each valued at $300,000, for a total value of $1.5 million, and the granting of a 1.2% net smelter royalty interest to the original shareholders of Mangan.

In connection with the first four tranches, the company had previously issued a cumulative 8,655,845 shares, with a total value of $1.2 million.

Online conference presentation

The company’s president and CEO Marco Romero will present at the Benchmark Mineral Intelligence World Tour conference to be held online during the week of May 25.

The conference will feature guest speakers and company profiles with an upstream mining and battery-grade chemical focus.

The online platform has been established to provide Benchmark’s client base with informative online seminars whilst travel is curtailed and is offered in two timezone opportunities for Eastern and Western hemispheres.

Romero will be presenting online as follows:

  • Benchmark World Tour East: Tuesday, May 26, 2020, 8 AM London time; and
  • Benchmark World Tour West: Wednesday, May 27, 2020, 4 PM London time.

Quick facts: Euro Manganese Inc

Price: 0.071 AUD

ASX:EMN
Market: ASX
Market Cap: $13.4 m
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