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Euro Manganese Announces Closing of Second Tranche of Private Placement and Issues Shares for Debt
VANCOUVER, British Columbia, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”) is pleased to announce that, foll
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”) is pleased to announce that, following the approval by its shareholders at a special meeting held on August 19, 2020, it has (i) closed the second tranche (the “Tranche 2 Placement”) of the private placement (the “Offering”) announced on July 6 and July 17, 2020; and (ii) issued the shares in settlement of debts owing to certain creditors of the Company and other non-related parties, previously announced on July 10, 2020 (the “Debt Settlement”). Closing of the Tranche 2 Placement The Tranche 2 Placement was comprised of 6,823,944 common shares (“Shares”) and 37,878,267 CHESS Depositary Interests (“CDIs”, with each CDI 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$2.73 million. The Tranche 2 Placement consisted of (i) subscriptions for 4,723,944 Shares and 37,478,267 CDIs issued in excess of the number of securities permitted to be issued by the Company without obtaining prior shareholder approval (Placement Capacity) under Listing Rule 7.1 of the Australian Securities Exchange (“ASX”), such subscriptions being subject to approval by the Company’s shareholders pursuant to Listing Rule 7.1; and (ii) subscriptions by related parties of the Company (consisting of directors of the Company and companies controlled by directors of the Company) for 2,100,000 Shares and 400,000 CDIs, such subscriptions being subject to approval by the Company’s shareholders pursuant to Listing Rule 10.11.1. Shares issued pursuant to the Tranche 2 Placement are subject to a four-month statutory hold period expiring on December 26, 2020. Aggregate gross proceeds under the Offering were approximately C$4.04 million (A$4.27 million). Net proceeds of the Offering will be used by the Company to further progress its Chvaletice Manganese Project in the Czech Republic (the “Project”) and for other general corporate purposes. Canaccord Genuity (Australia) Limited (\"Canaccord\") acted as Lead Manager and Bookrunner to the Offering, with Bacchus Capital Advisers Limited (\"BCAL\") acting as financial adviser to the Company. Fees payable in cash by the Company in connection with the Offering consisted of payments of C$142,160 to Canaccord and C$74,174 to BC...