Euro Manganese closes second tranche of private placement following strong shareholder support

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the second tranche of a non-brokered private placement following the approval of 100% of shareholders who voted at a special meeting on May 1.

The second tranche of the offering comprised subscriptions by related parties of Euro Manganese of more than 4.26 million common shares at a price of 11 cents per share and 174,615 CHESS Depositary Interests at a price of 13 cents per CDI for aggregate gross proceeds of A$487,780.

When combined with the first tranche, aggregate gross proceeds under the offering exceeded A$1.005 million.

Funds to advance manganese project[hhmc]

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.

Fees payable by Euro Manganese 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 Related Parties Tranche of the offering are subject to a four-month and one day statutory hold period expiring on September 7, 2020.

Opportunity in global supply chain imbalances[hhmc]

Euro Manganese has been seeing 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 stRead More – Source

[contf]
[contfnew]

Proactiveinvestors

[contfnewc]
[contfnewc]