Manganese Announces Closing of Private Placement

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[{"type":"text","content":"Manganese Announces Closing of Private PlacementMontreal, Quebec--(Newsfile Corp. - April 10, 2019) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (\"Manganese\" or the \"Company\") is pleased to announce that, as previously disclosed, it has completed a non-brokered oversubscribed private placement offering of 4,150,000 units (\"Units\") at a price of $0.12 for gross proceeds of $497,500 (the \"Offering\"), each Unit being comprised of one common share (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"). \"). Each Warrant is entitles the holder thereof to acquire one common share (each, a \"Warrant Share\"), with each whole Warrant exercisable into one Warrant Share at a price of $0.145 for a period of three (3) years following the closing date. All Common Shares and Warrants issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. No finder's fees were paid. All of the securities issued in connection with the Offering are subject to a statutory hold period under applicable securities laws for a period of four months and one day after the date of issuance. The net proceeds of the Offering will be used for general working capital purposes.In connection with the Offering, Martin Kepman, an insider of the Company, has subscribed for 200,000 Units and such participation is considered a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). However, such participation is exempt from the formal valuation and majority of the minority shareholder approval set out in MI 61-101 since at the time the transaction was agreed to: (i) the securities of the Company were not listed or quoted on one of the exchanges or markets specifically identified in MI 61-101; (ii) neither the fair market value of the securities distributed in the Offering nor the consideration to be received for those securities, insofar as the transactions involves interested parties, exceeds $2,500,000; and (iii) the Company has one or more independent directors and, at least two thirds of said independent directors approved the transaction, as required pursuant to sections 5.5 and 5.7...

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