Business
Euro Manganese to Issue Shares for Debt
VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”) announces that it has agreed to i
About this update from Euro Manganese, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”) announces that it has agreed to issue 3,071,551 common shares (“Shares”) and 150,157 CHESS Depositary Interests (“CDIs”, with each CDI representing one Share) to extinguish C$257,737 of indebtedness with certain creditors of the Company (the “Debt Settlement”). Pursuant to the Debt Settlement, subject to shareholder approval (as detailed below), the Company intends to issue the following Shares and CDIs at a deemed price of C$0.08 per Share or CDI, as follows: 1. Current Non-Executive Directors The Company will issue 841,120 Shares and 150,157 CDIs to the following non-executive directors in settlement of unpaid directors’ fees: Debt (C$) Shares/CDIs John Webster (Interim Chairman) $15,981 199,764 Shares Roman Shklanka $12,133 151,671 Shares Harvey McLeod $14,691 183,638 Shares David Dreisinger $14,691 183,638 Shares Daniel Rosicky $9,793 122,409 Shares Gregory P. Martyr $12,013 150,157 CDIs 2. Executive Compensation The Company will issue 309,847 Shares to Jan Votava, an executive director of the Company and the Managing Director of Mangan Chvaletice s.r.o., the Company’s 100% owned Czech subsidiary, in settlement of outstanding compensation pursuant to Mr. Votava’s employment agreement with the Company, in the amount of C$24,788. 3. Arm’s-length Suppliers The Company will issue an aggregate of 1,920,584 Shares to two arm’s-length service providers in settlement of outstanding liabilities of C$153,647. The proposed issuance of Shares to the arm’s-length suppliers exceeds the maximum number of securities that can currently be issued by the Company pursuant to Listing Rule 7.1 of the Australian Securities Exchange (“ASX”) and are therefore subject to approval by the Company’s shareholders. Similarly, the proposed issuance of Shares and CDIs to related parties of the Company (in respect of paragraphs 1 and 2 above) are also subject to approval by the Company’s shareholders who are entitled to vote as required by ASX Listing Rule 10.11.1. As announced on July 6, 2020, the Company expects to call and hold a special meeting of shareholder...