Business
Euro Manganese Announces the Second Tranche of EIT InnoEnergy’s Investment
Highlights: The Company has received a second tranche of investment from EIT InnoEnergy of €125,000, bringing the EU-backed body’s investment to date to €187,50
About this update from Euro Manganese, Inc.
[{"type":"text","content":" Highlights: The Company has received a second tranche of investment from EIT InnoEnergy of €125,000, bringing the EU-backed body’s investment to date to €187,500. The aggregate investment from EIT InnoEnergy is intended to be €250,000 and will help accelerate the Chvaletice Manganese Project’s successful integration into Europe’s electric vehicle (EV) battery value chain. VANCOUVER, British Columbia, July 27, 2021 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF) (the \"Company\" or \"EMN\") is pleased to announce the receipt of a second investment tranche from EIT InnoEnergy amounting to €125,000 (CAD$185,162). Pursuant to the terms of a Project Support Agreement entered into by the Company and EIT InnoEnergy (the \"Agreement\"), announced on February 22, 2021, the Company is to receive a three-tranche investment having an aggregate value of €250,000. The funds are being used to support ongoing work on the Chvaletice Manganese Project’s (the “Project”) definitive feasibility study and on the Chvaletice demonstration plant, which is intended to produce large-scale samples of high-purity manganese for supply chain qualification by prospective customers, including European electric vehicle makers and battery manufacturers. EIT InnoEnergy is a Knowledge and Innovation Community supported by the European Institute of Innovation and Technology. It leads the industrial stream of the European Battery Alliance, an initiative launched by The European Commission in October 2017 with the objective to build a strong and competitive battery industry in Europe. The support of EIT InnoEnergy, which also includes assistance in securing financing and offtake agreements, is intended to help accelerate the Project’s successful integration into Europe’s electric vehicle (EV) battery value chain. The first EIT InnoEnergy investment tranche of €62,500 (CAD$92,850) was advanced to the Company on March 24, 2021, for which the Company will issue 147,380 common shares (\"Shares\") at the price of CAD$0.63 per Share (refer to EMN news release dated March 30, 2021). The second investment tranche of €125,000 (CAD$185,162) was advanced to the Company on July 26, 2021. Accordingly, the Company will issue an additional 330,647 Shares to EIT InnoEnergy at the price of CAD$0.56 per Share being the 10-day volume weighted average stock pr...