Manganese X Energy Corp. Announces Conversion of Subscription Receipts from $2.1 Million Private Placement, Including Investment from New Control Person Eric Sprott

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[{"type":"text","content":"Manganese X Energy Corp. Announces Conversion of Subscription Receipts from $2.1 Million Private Placement, Including Investment from New Control Person Eric SprottMontreal, Quebec--(Newsfile Corp. - March 6, 2025) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (TRADEGATE: 9SC) (\"Manganese X\" or the \"Company\") is pleased to announce that following the closing of its $2,100,000 offering (the \"Offering\") of 60,000,000 subscription receipts (each, a \"Subscription Receipt\"), at a price of $0.035 per Subscription Receipt, on January 28, 2025, the Escrow Release Conditions (as defined below) related to the Subscription Receipts have been satisfied.This has resulted in (i) the Subscription Receipts being automatically converted into units of the Company (the \"Units\"), and (ii) the Escrowed Funds (as defined below) being released to the Company. In connection with the Offering, 57,142,857 Subscription Receipts were issued to 2176423 Ontario Ltd., a corporation beneficially controlled by Eric Sprott, for gross proceeds of $2,000,000. Each Unit consists of one common share of the Company (a \"Share\") and one-half of a share purchase warrant. Each whole warrant (a \"Warrant\") entitles the holder to purchase one additional Share (a \"Warrant Share\") at a price of $0.06 per Warrant Share for a period of 36 months from the date of issuance.The gross proceeds from the sale of the Subscription Receipts, together with any interest earned thereon, (the \"Escrowed Funds\"), were placed into escrow on January 28, 2025 and have now been released to the Company, following the satisfaction of the escrow release conditions (collectively, the \"Escrow Release Conditions\"). This included, among other things, the Company having obtained the requisite approval of its shareholders and the TSX Venture Exchange to authorize Eric Sprott to become a \"Control Person\" (as defined in the policies of the TSX Venture Exchange) of the Company, upon conversion of the Subscription Receipts. The Company secured shareholder approval during its annual and special meeting held on February 28, 2025.All securities issued under the Offering are subject to a statutory hold period of four months and one day from the issuance date of the Subscription Receipts, as required under applicable securities laws and the policies of the TSX Venture Exchange. Use of Proc...

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