Manganese X Energy Corp. (TSXV: MN | FSE: 9SC) has confirmed that Eric Sprott has agreed to subscribe for 57,142,857 of 60,000,000 available Subscription Receipts for an investment of C$2M.
The investment will make Sprott a new Control Person of the company, pending approval from the disinterested shareholders and the TSX Venture Exchange.
The proceeds from the entire offering will be held in escrow and released to Manganese X upon receiving all necessary approvals. The company has stated that the funds will primarily drive forward its ambitions at its Battery Hill project in New Brunswick, including an upcoming pre-feasibility study. Additionally, a portion will support Manganese X’s general working capital needs.
Overall, Manganese X’s mission is to advance its Battery Hill project into production, thereby becoming the first public actively traded manganese mining company in Canada and US to commercialize electric vehicle compliant high purity manganese, potentially supplying the North American supply chain. The company intends on supplying value-added materials to the lithium-ion battery and other alternative energy industries, as well as striving to achieve new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost.
To read more about this, please visit www.manganesexenergycorp.com
To read more news like this, please visit www.theassay.com/news
