Placement Raises C$1.3 Million For Chvaaletice Project Works
Euro Manganese Inc. (TSX‐V/ASX:EMN) has successfully closed the first tranche of the private placement.
The first tranche of the Offering was comprised of 5,155,738 common shares and 16,344,262 CHESS Depositary Interests (with eachCDI representing one Share), at a price of C$0.061 per Share and A$0.065 per CDI, respectively, for aggregate gross proceeds of C$1,311,500.
The second tranche of the Offering, consisting of 6,823,944 Shares at a price of C$0.061 per Share and 34,801,343 CDIs at a price of A$0.065 per CDI for aggregate gross proceeds of C$2,539,142, is expected to close in mid‐August 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.
Aggregate gross proceeds under tranche one and two of the Offering are expected to be approximately C$3.85 million.
Net proceeds of the Offering will be used by the company to further progress its Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and Environmental Impact Assessment and for other general corporate purposes.
Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Offering, with Bacchus Capital Advisers Limited acting as financial adviser to the company.