Euro Manganese files Q3 financial statements and MD&A and provides financial and operational highlights

About this update from Euro Manganese, Inc.

[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF) (the \"Company\" or \"EMN\") today filed its third quarter financial statements and management’s discussion and analysis (“MD&A”) and is pleased to provide the following financial and operating highlights for the quarter: On May 10, 2021, the Company completed the second tranche of a two-tranche brokered private placement of 50 million CHESS Depository Interests (“CDIs”), with each CDI representing one common share, at a price of AUD0.60 for aggregate gross proceeds of AUD30.0 million ($28.6 million) and net proceeds of AUD28.5 million ($27.2 million). Accordingly, the Company ended the quarter with $33.8 million in cash and $27.8 million in working capital. On May 31, 2021, the Company entered into royalty termination agreements to purchase and extinguish an aggregate 1.2% net smelter royalty interest in the Manganese Chvaletice Project (the “Project”) for aggregate consideration of USD4.5 million (approximately $5.5 million) payable in two instalments: 20% in cash, amounting to USD0.9 million ($1.1 million) which was paid May 31, 2021; and 80%, amounting to USD3.6 million (approximately $4.5 million), on or before January 31, 2022, by a combination of cash and up to 50% in common shares, at the sole option of the Company, based on a price per share equal to the 20-day volume weighted average price on the TSX-V prior to the date of issuance. On June 14, 2021, following discussions with prospective customers, the Company announced its plan to re-start its pilot plant to produce samples of high purity manganese finished products made from Chvaletice tailings. This will allow prospective customers to continue or initiate their supply chain qualification of the Company's products in advance of receiving large-scale samples from the Project’s Demonstration Plant (“DP”). The DP fabrication is proceeding well, but has experienced some recent delays, in part due to the effects of COVID-19 restrictions and supply chain interruptions in China. Procurement and manufacture of the DP equipment components is essentially complete with fabrication and assembly of the individual modules to commence in the coming weeks. Commissioning and initial production of the DP are now targeted for the second quarter of 2022. Subsequent...

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