Euro Manganese Inc. (TSX-V/ASX:EMN) has issued the final tranche of common shares in connection with the acquisition of its wholly-owned subsidiary which holds 100% of the rights to the Chvaletice Manganese Project in the Czech Republic.
On May 13, 2020, the xompany issued 3,333,333 Shares to the founding shareholders of Mangan Chvaletice s.r.o. to satisfy its final commitment pursuant to the Mangan Acquisition Agreement dated May 13, 2016. The Shares were valued at $300,000 based on $0.09 per Share, being the 20-trading day volume weighted average of the company’s share price immediately prior to the day of issuance.
Pursuant to the Mangan Acquisition Agreement, the company acquired a 100% interest in Mangan which holds the rights to the Chvaletice Manganese Project.
The sale and purchase agreement required the issuance of Shares in five equal annual tranches, each valued at $300,000, for a total value of $1,500,000, and the granting of a 1.2% net smelter royalty interest to the original shareholders of Mangan.
In connection with the first four tranches, the company had previously issued a cumulative 8,655,845 Shares, with a total value of $1,200,000.
Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project in the Czech Republic.
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.