Business
Euro Manganese Increases Private Placement to $4 Million
VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is pleased to announce it has inc
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the \"Company\" or \"EMN\") is pleased to announce it has increased its previously announced private placement (the \"Offering\") to 66,202,210 common shares (each a \"Share\") for aggregate gross proceeds of C$4.04 million (A$4.27 million). As previously announced, net proceeds of the Offering will be used by the Company to further progress its Chvaletice Manganese Project in the Czech Republic (the \"Project\"), including advancing the feasibility study and Environmental Impact Assessment, and for other general corporate purposes. Pursuant to the Offering, the Company now intends to issue 11,979,682 Shares and 54,222,528 CHESS Depositary Interests (\"CDIs\", with each CDI representing one Share), at a price of C$0.061 per Share or A$0.065 per CDI. The Offering will close in two tranches. The first tranche, which closed on July 9, 2020, comprised 5,155,738 Shares and 16,344,262 CDIs. The second tranche will now consist of the issuance of 6,823,944 Shares and 37,878,266 CDIs for aggregate gross proceeds of C$2.73 million, such tranche being subject to shareholder approval under the rules of the Australian Securities Exchange (\"ASX\") to be sought at a meeting of shareholders to be held by the Company in August 2020. Fees payable in connection with the Offering remain the same as previously announced. While CDIs issued pursuant to the Offering will be free-trading, the Shares issued will be subject to a four month and one day statutory hold period. The Offering remains subject to the approval of the TSX Venture Exchange (\"TSXV\"). Securities 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, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Euro Manganese: Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project in the Czech Republic. The ...