Euro Manganese Inc. (TSX-V / ASX: EMN) has successfully closed the first tranche of the non-brokered private placement to raise C$517,489.
The second tranche of the Offering the raise aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020.
The company has called a special meeting of shareholders to be held on May 1, 2020 to approve the issuance of Shares and CDIs under the Related Parties Tranche.
Aggregate gross proceeds under the Offering are expected to be approximately C$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.
The Chvaletice Manganese 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.