Euro Manganese Inc. (TSX-V / ASX: EMN) announces that, following the approval by 100% of the shareholders, it has closed the second tranche of its non-brokered private placement.
The second tranche of the Offering was comprised of subscriptions by related parties of the company (consisting of directors of the company and companies controlled by directors of the company) of 4,261,142 common shares at a price of A$0.11 per Share and 174,615 CHESS Depositary Interests at a price of A$0.13 per CDI for aggregate gross proceeds of A$487,780.
Aggregate gross proceeds under the Offering were approximately A$1,005,300. Net proceeds of the Offering will be used by the company to further advance its Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and preparation of the Environmental Impact Assessment submission, and for other general corporate purposes.
Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project.
The Project will recycle historic mine tailings that host Europe’s largest manganese deposit and result in an environmental remediation of this site. The European Union is emerging as a major electric vehicle manufacturing hub. EMN’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 aluminum alloys.
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