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Euro Manganese Reports Fourth Quarter and Year-End 2023 Financial Results and Project Developments
VANCOUVER, British Columbia, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company" or "EMN") i
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the \"Company\" or \"EMN\") is pleased to announce key developments during the fourth fiscal quarter 2023 and to date. The Company has now filed its September 30, 2023 year-end Financial Statements, Management’s Discussion and Analysis, and other financial reports. Key Developments During and Subsequent to the Quarter Chvaletice Project, Czech Republic US$100 million non-dilutive funding package announced to advance development of the Chvaletice Manganese Project (the \"Project\"); US$20 million received on closing. Definitive agreements signed with OMRF (BK) LLC (\"Orion\"), which is managed by the Orion Resource Group, for a US $100 million funding package, split into two US$50 million components: a US$50 million Convertible Loan Facility and a US$50 million Royalty Financing.The 36-month secured Convertible Loan Facility bears interest at 12% p.a. and is structured in two tranches: US$20 million, which was received upon closing, and an additional US$30 million to be received upon meeting key technical and commercial milestones. The loan is convertible into a royalty stream on Project revenue. The US$50 million Royalty Financing can be drawn following a final investment decision by the Board.All aspects of the funding package were structured to meet Project finance bankability requirements and will sit alongside, and reduce, the project finance debt and equity required for the full Project financing. For further details on the Convertible Loan Facility and Royalty Financing, please refer to the Company’s announcement on November 28, 2023.In connection with the funding package, Orion have an offtake option of between 20-22.5% of the Project’s high-purity manganese total production, for a term of 10 years from first delivery and matching the commercial terms of the Company’s sales. Such right is exercisable until the Company signs 60% of the total Project offtake. Production of HPMSM from the Chvaletice Demonstration Plant de-risks the process flow sheet. Two independent external laboratories confirmed samples sent for testing met the Demonstration Plant target specifications for high-purity manganese sulphate (\"HPMSM\") with low levels of impurities.Third-party high-purity electrolytic mangane...