Business
Manganese X Announces Update to Private Placement Financing
Montreal, Quebec--(Newsfile Corp. - August 20, 2020) - Manganese X Energy Corp. ( TSXV: MN )...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Announces Update to Private Placement FinancingMontreal, Quebec--(Newsfile Corp. - August 20, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (\"Manganese\" or the \"Company\") is pleased to announce that it has updated the terms of the proposed non-brokered private placement as originally announced on July 31, 2020 and amended on August 12, 2020. The updated non-brokered private placement offering (the \"Offering\") will raise up to $2,000,000 through the issuance of up to 25,000,000 units (each, a \"Unit\") at a price of $0.08 per Unit. The maximum Offering size was increased by $500,000 after investors expressed greater interest in the Offering than was previously anticipated by the Company. The minimum Offering size is $1,000,000, being 12,500,000 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, subsc...