Net Proceeds Of A$30m To Go To Advancing Chvaletice Project
Euro Manganese Inc. (TSX-V / ASX: EMN) has closed the second tranche of a private placement announced on March 22, 2021.
The Tranche 2 Placement raised gross proceeds of A$5 million, while aggregate gross proceeds under the Offering were A$30.0 million. Net proceeds of the Offering will be used by the Company to advance its Chvaletice Manganese Project in the Czech Republic.
Specifically, proceeds will be used for completing the installation and commissioning of the company’s high-purity manganese demonstration plant, initial year of operation of the Demonstration Plant, completing the Project’s permitting and feasibility study, for certain scheduled land acquisition payments and for general corporate purposes.
The Offering was anchored by a strategic investor and an ESG-focused fund, and also received strong support from several existing institutional shareholders. The Offering also introduced two new institutional investors with a strong positive view on ESG projects and the market opportunity for high- purity manganese in Europe.
Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner for the Offering, with Bacchus Capital Advisers Limited acting as financial adviser to the Company.
Euro Manganese Inc. is a battery materials company whose principal focus is advancing the development of the Chvaletice Manganese Project, in which it holds a 100% interest. The proposed Project entails re- processing a significant manganese deposit hosted in mine tailings from a decommissioned mine, strategically located in the Czech Republic.
The company’s goal is to become a leading, competitive and environmentally superior primary producer of ultra-high-purity Manganese Products in the heart of Europe, serving both the lithium-ion battery industry, as well as other high-technology applications.
