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Euro Manganese Announces the Third Tranche of EIT InnoEnergy’s Investment
VANCOUVER, British Columbia, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF) (the "Company" or "EMN") is pleased to ann
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF) (the \"Company\" or \"EMN\") is pleased to announce the receipt of the third and final investment tranche from EIT InnoEnergy of €62,500 (CAD$80,606). 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 was to receive a three-tranche investment having an aggregate value of €250,000. The funds have been used to support work on the Chvaletice Manganese Project’s (the “Project”) definitive feasibility study, the results of which were announced on July 27, 2022, 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. The first two InnoEnergy investment tranches totalling €187,500 (CAD$278,012) were advanced in 2021, for which the Company issued 478,027 common shares (\"Shares\") on January 6, 2022 (refer to EMN news release dated January 6, 2022). The third and final investment tranche of €62,500 (CAD$80,606) was advanced to the Company on August 26, 2022. Accordingly, the Company will issue an additional 237,077 Shares to EIT InnoEnergy at the price of CAD$0.34 per Share being the 10-day volume weighted average stock price on the TSX Venture Exchange (\"TSXV\") prior to receipt of the third investment tranche. This brings EIT InnoEnergy’s total investment to date to €250,000 (CAD$358,618). The issuance of the 237,077 Shares is not expected to occur until early January 2023 and remains subject to the approval of the TSXV. In accordance with Canadian securities laws and policies of the TSXV, Shares issued to EIT pursuant to the Agreement will be subject to a four month and one day statutory hold from their date of issuance. For more information about EIT InnoEnergy’s support of the Chvaletice Manganese Project, see EMN’s news release dated February 22, 2021. About Euro Manganese Inc. Euro Manganese Inc. is a battery materials company focused on becoming a leading, competitive, and environmentally superior producer of high-purity manganese for the electric vehicle (EV) industry and other high-technology applications. The C...