Euro Manganese closes first tranche of C$1 million non-brokered private placement

Euro Manganese Inc (ASX:EMN) (CVE:EMN) has closed the first component of a non-brokered private placement which is expected to raise in excess of C$1.005 million in two tranches.

Tranche-one comprised 4.47 million shares and 227,273 CHESS Depositary Interests (CDI) at a price of C11 cents per share and A13 cents per CDI for aggregate gross proceeds of C$517,489.

The second tranche of the offering, consisting of subscriptions by related parties of the company of 4.26 million shares at the same prices for aggregate gross proceeds of C$487,780, is expected to close on or about May 5, 2020.

Tranche-two is subject to approval by the companys shareholders as required by Listing Rule 10.11.5 of the Australian Securities Exchange and EMN has called a special meeting of shareholders for May 1, 2020, for this purpose.

Funds to advance manganese project

Placement proceeds will be used to further advance the Chvaletice Manganese Project in the Czech Republic, including advancing the feasibility study and preparation of the Environmental Impact Assessment submission as well as for other general corporate purposes.

Fees payable by the company in connection with the offering are a management fee, payable in cash of 1% of the aggregate gross proceeds from the offering.

Shares issued pursuant to the first tranche of the offering are subject to a four-month and one day statutory hold period expiring on August 7, 2020.

Stock option grant

Euro Manganese will also grant stock options to an officer, an employee and a consultant to purchase up to an aggregate of 350,000 shares.

These options are exercRead More – Source