Business
Euro Manganese Announces C$1 Million Private Placement
VANCOUVER, British Columbia, March 24, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is pleased to announce a non-bro
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 24, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the \"Company\" or \"EMN\") is pleased to announce a non-brokered private placement (the \"Offering\") of 8,738,312 common shares (\"Shares\") and 401,888 CHESS Depositary Interests (\"CDIs\", with each CDI representing one Share), at a price of C$0.11 per Share or A$0.13 per CDI, for aggregate gross proceeds of approximately $1,005,300 (the \"Offering\"). 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 Offering is intended to close in two or more tranches with the first tranche, comprising of 4,477,170 Shares and 227,273 CDIs for aggregate gross proceeds of C$517,4891, expected to close on or about April 3, 2020. The second tranche of the Offering (the \"Related Parties Tranche\"), consisting 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 Shares at a price of C$0.11 per Share and 174,615 CDIs at a price of A$0.13 per CDI for aggregate gross proceeds of C$487,7801, is expected to close on or about May 5, 2020, subject to and following approval by the Company’s shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange (\"ASX\"). The Company expects to call and hold a special meeting of shareholders of the Company in early May 2020 (the \"Meeting\") to approve the issuance of Shares and CDIs under the Related Parties Tranche. The Company expects to file a management information circular in connection with the Meeting in due course. The Offering is subject to the approval of the TSX Venture Exchange (\"TSXV\"). Fees payable by the Company in connection with the Offering will consist of a management fee, payable in cash, of 1% of the aggregate gross proceeds from the Offering. Shares issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The issuance of Shares and CDIs to insiders of the Company pursuant to the Offering is considered to be a related party transaction under Canada’s Multilateral Instrument 61-101. T...