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Euro Manganese Announces Closing of First Tranche of Private Placement and Grant of Stock Options
VANCOUVER, British Columbia, April 06, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is pleased to announce the closi
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, April 06, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the \"Company\" or \"EMN\") is pleased to announce the closing of the first tranche of the non-brokered private placement (the \"Offering\") announced on March 24, 2020, and a grant of stock options. Closing of First Tranche of Private Placement The first tranche was comprised of 4,477,170 common shares (\"Shares\") and 227,273 CHESS Depositary Interests (\"CDIs\", with each CDI representing one Share), at a price of C$0.11 per Share and A$0.13 per CDI, respectively, for aggregate gross proceeds of C$517,489. The second tranche of the Offering (the \"Related Parties Tranche\"), consisting of subscriptions by related parties 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$487,780, 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 has called a special meeting of shareholders to be held on May 1, 2020 (the \"Meeting\") 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. Fees payable by the Company in connection with the Offering are a management fee, payable in cash, of 1% of the aggregate gross proceeds from the Offering. Shares issued pursuant to the first tranche of the Offering are subject to a four month and one day statutory hold period expiring on August 7, 2020. The Shares and CDIs to be issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States,...