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Manganese X Energy Corp. Announces Closing of Private Placement Financing and Granting of Options
MONTREAL, QC / ACCESSWIRE / January 25, 2017 / Manganese X Energy Corp. (TSX-V: MN) (FSE: 9S...
About this update from Manganese X Energy Corp.
[{"type":"text","content":"Manganese X Energy Corp. Announces Closing of Private Placement Financing and Granting of OptionsMONTREAL, QC / ACCESSWIRE / January 25, 2017 / Manganese X Energy Corp. (TSX-V: MN) (FSE: 9SC2) (OTC PINK: SNCGF) (the \"Company\") is pleased to announce it has completed an initial tranche of the previously disclosed non-brokered private placement financing (the \"Financing\") consisting of 4,387,000 units (\"Units\") at a price of $0.15 per Unit for gross proceeds of $658,050.00 and 2,106,667 \"flow-through\" shares (\"FT Shares\") at a price of $0.15 per FT Shares for gross proceeds of $316,000.05. The Company proposes to close the second tranche of the Financing in February, which will consist of up to 1,506,333 FT Shares at a price of $0.15 per FT Shares for maximum proceeds of $225,949.95. There can be no assurance that the second tranche of the Financing will be completed, whether in whole or in part.\nEach Unit consists of one common share (\"Common Share\") of the Company and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase a Common Share at $0.25 per share for a period of 24 months from closing.\nAll securities issued in connection with the Financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. A portion of the Financing constitutes a \"related party transaction\" under Multilateral Instrument 61-101 (\"MI 61-101\") as officers and directors of the Company participated in the Financing. The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Financing as the details of the participation of the related parties of the Company had not been confirmed at that time.\nFirst Republic Capital Corporation (\"First Republic\") acted as the lead finder for the Financing. A cash fee was paid to finders representing 8% of the gross proceeds raised in the Financing. Additionally, finders received that number of compensation warrants (\"Compensation Warrants\") totaling 8% of the number of Units and FT Shares so...