The company now intends to issue 11,979,682 shares and 54,222,528 CHESS Depositary Interests (CDIs, with each CDI representing one share), at a price of 6.1 Canadian cents per share or 6.5 Australia cents per CDI.
While CDIs issued pursuant to the offering will be free trading, the shares issued will be subject to a four-month and one-day statutory hold period.
Progressing Czech project
Net proceeds of the offering will be used to further progress the company’s Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and Environmental Impact Assessment, and for other general corporate purposes.
The offering remains subject to the approval of the TSX Venture Exchange.
This placement comprises two tranches with the first, which closed on July 9, 2020, comprising 5,155,738 shares and 16,344,262 CDIs.
The second tranche will now consist of 6,823,944 shares and 37,878,266 CDIs for total gross proceeds of C$2.73 million and is subject to shareholder approval, which will be sought at a meeting of shareholders in August 2020.
EMN's Czech project will recycle historic mine tailings that host Europe's largest manganese deposit and result in an environmental remediation of this site.
The company'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 in the European Union’s emerging major electric vehicle manufacturing hub.