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Euro Manganese closes first tranche of private placement for proceeds of around C$6 million

Net proceeds will be used to further progress the Chvaletice Manganese Project in the Czech Republic and for other general corporate purposes.

Euro Manganese Inc - Euro Manganese’s first tranche of private placement closes, raising gross proceeds of around C$6 million
Euro Manganese directors on-site in the Czech Republic

Euro Manganese Inc.(ASX:EMN) (CVE:EMN) (FRA:E06) has closed the first tranche a private placement, raising total gross proceeds of around C$6,061,000. 

The first tranche comprised 716,384 common shares and 31,183,616 CHESS Depositary Interests, with each CDI representing one share, issued at a price of C$0.19 per share and A$0.20 per CDI, respectively. 

The second tranche of the offering, consisting of 1,216,862 shares and 26,883,138 CDIs at the same prices, is expected to close in December 2020, subject to and following approval by the company’s shareholders as required by Listing Rules 10.11.1 and 7.1 of the Australian Securities Exchange.

To progress Chvaletice Manganese Project

Net proceeds from the offering will be used to further progress the company’s Chvaletice Manganese Project in the Czech Republic, including the purchase, installation and operation of the demonstration plant, advancing the project’s permitting and feasibility study, and for other general corporate purposes.

Shares issued pursuant to tranche one are subject to a four-month-and-one-day statutory hold period which expires on March 1, 2021.

Canaccord Genuity (Australia) Limited is acting as lead manager and bookrunner with Bacchus Capital Advisers Limited acting as financial adviser to the company.

In connection with the closing of the first tranche, the Canadian resource developer paid Canaccord Genuity and Bacchus cash fees of about C$363,000, representing 6% of the aggregate gross proceeds of tranche one.

Quick facts: Euro Manganese Inc

Price: 0.49 AUD

ASX:EMN
Market: ASX
Market Cap: $142.13 m
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