Manganese X Announces Private Placement

About this update from Manganese X Energy Corp.

[{"type":"text","content":"Manganese X Announces Private PlacementMontréal, Québec--(Newsfile Corp. - July 31, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (\"Manganese\" or the \"Company\") is pleased to announce its intention to complete non-brokered private placement offering (the \"Offering\") to raise up to $1,000,000 through the issuance of up to 10,000,000 units (each, a \"Unit\") at a price of $0.10 per Unit. The minimum Offering size is $750,000, being 7,500,000 Units.Each Unit of the Offering will be 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 Units will be offered for sale to existing shareholders of the Company, subject to certain restrictions referenced below. Investors may also participate without such limitations if they qualify as an \"accredited investor\" under applicable securities laws or satisfy other available exemptions. Each purchaser will be required to complete a subscription agreement which confirms, among other things, the availability of an exemption from the prospectus requirements of applicable securities laws in respect of the sale of Units to such purchaser. Existing Shareholder ExemptionSubject to applicable securities laws, the Private Placement will be open, for a limited time ending on August 31st 2020, to all existing shareholders who held the Company's common shares on July 23, 2020 (the \"Record Date\"), including pursuant to the \"existing shareholder exemption\" available under the securities laws of most jurisdictions in Canada. Under the \"existing shareholder exemption\", investors will generally be limited to an investment of no more than $15,000, unless the investor has obtained advice from a registered investment dealer regarding the suitability of the investment.If the Offering is oversubscribed and cannot be increased, subscriptions will be accepted on a first come first served basis. Any person who becomes a shareholder of the Company after the Record Date is not permitted to participate in the Offering using the existing shareholder exemption, but other exemptions may still be available to them. Shareholders who became shareholde...

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