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Manganese X Energy Corp. Announces Closing of Private Placement Financing
Montreal, Quebec--(Newsfile Corp. - December 8, 2022) - Manganese X Energy Corp. (TSXV: MN) (FSE...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Energy Corp. Announces Closing of Private Placement FinancingMontreal, Quebec--(Newsfile Corp. - December 8, 2022) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (OTCQB: MNXXF) (\"Manganese X\" or the \"Company\") is pleased to announce that, further to its news release of December 7, 2022, it is closing on Dec. 15, 2022 subject to conditions noted below its non-brokered private placement offering (the \"Offering\") with the issuance of a total of 9,015,958 flow-through units (each, a \"FT Unit\") at a price of $0.23 per FT Unit for aggregate proceeds of $2,073,670.34 (the \"Proceeds\"). Each FT Unit consists of one common share of the Company that qualifies as a \"flow-through share\" for the purposes of the Income Tax Act (Canada) (a \"FT Share\") and one-half of one common share purchase warrant of the Company, whereby each whole common share purchase warrant of the Company (a \"Warrant\") entitles the holder thereof to purchase a non-flow through common share of the Company (a \"Share\") at an exercise price of $0.32 until December 15, 2024.Proceeds from the Offering shall be used for Canadian Exploration Expenses (\"CEE\") and \"flow-through mining expenditures\" as defined in the Income Tax Act (Canada) to be incurred on or before December 31, 2023, and renounced with an effective date no later than December 31, 2022, to the initial subscribers of the FT Units in an aggregate amount not less than the Proceeds. All securities issuable in connection with the Offering are subject to a statutory four-month hold period that expires April 16, 2023. Completion of the Offering is subject to receipt of applicable regulatory approvals, including final acceptance by the TSX Venture Exchange.In connection with the Offering, the Company paid total cash finders' fees of $147,841.91 and issued an aggregate of 642,789 finders' warrants. Each finder's warrant is exercisable into a Share at an exercise price of $0.32 until December 15, 2024. The Company was pleased to have the assistance of GloRes Securities Inc. as lead finder. James Richardson, Chief Financial Officer and Director of the Company participated in the Offering acquiring an aggregate of 150,000 FT Units. The participation by an insider in the Offering constitutes a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minori...