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Manganese X Announces Closing of Private Placement and Annual General Meeting
Montreal, Quebec--(Newsfile Corp. - September 3, 2020) - Manganese X Energy Corp. ( TSXV: ...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Announces Closing of Private Placement and Annual General MeetingMontreal, Quebec--(Newsfile Corp. - September 3, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: MNXXF) (\"Manganese\" or the \"Company\") announces it has closed its previously announced non-brokered private ‎placement for gross proceeds of approximately $2,000,000 through the issuance of 24,999,145 units (a \"Unit\" or \"Units\") of the Company at $0.08 per Unit (the \"Offering\"). Each Unit is comprised of one common share in the capital of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\") being exercisable into one Common Share at a price of $0.15 per share for a period of three (3) years from closing. The issued Warrants are subject to a Warrant Indenture made as of September 1, 2020 between the Company and the Capital Transfer Agency, which can be found on the Company's SEDAR profile at www.sedar.com.The net proceeds of the Offering will be used by the Company for metallurgy and drilling at the Company's Woodstock Battery Hill Manganese Project, costs associated with the planned spin out of the Company's Lac Aux Bouleaux Graphite Property, marketing and investor relations and general working capital. In connection with the private ‎placement the Company paid finder's fees of an aggregate of $18,240 and issued compensation warrants for 148,000 common shares at $0.15 per share for three (3) years from closing. All securities issued pursuant to the financing are subject ‎to a four-month hold period.‎ The Offering was conducted by the Company utilizing the \"accredited investor\" exemption of National Instrument 45-106 - Prospectus and Registration Exemptions, and also other applicable exemptions available to the Company.The Offering is subject to final approval from the TSX Venture Exchange.MI 61-101 DisclosureAn insider of the Company purchased 150,000 Units in the Offering and, as such, the issuance of the Units to such insider is a \"related-party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). However, the issuance is exempt from: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(a), as the...