Business
Manganese X Arranges Private Placement for a Strategic Investor
Montréal, Québec--(Newsfile Corp. - October 13, 2020) - Manganese X Energy Corp. (T...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Arranges Private Placement for a Strategic InvestorMontréal, Québec--(Newsfile Corp. - October 13, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC PINK: MNXXF) (\"Manganese\" or the \"Company\")is pleased to announce its intention to complete a non- brokered private placement offering (the \"Offering\") of $1,530,000 through the issuance of 6,000,000 units (each, a \"Unit\") at a price of $0.255 per unit to an individual strategic investor.The Company intends to use the net proceeds of the Private Placement to fund and accelerate development of our patented HVAC air management solution to combat bacteria and viruses .In addition, funding will be used for other technological initiatives under contemplation through the subsidiary, Disruptive Battery Corp. and for working capital. 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 $0.40 per share for a period of one (1) year from closing.The company has received an order from an individual strategic investor. The investor 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.All securities issued pursuant to the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange (the \"Exchange\"). None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor there any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.The Offering is expected to close on or about October 21, 2020. No find...