American Manganese Inc. (“AMI” or the “Company”) is pleased to announce that it intends to complete a non-brokered private placement for gross proceeds of up to $1,000,000 by way of a unit offering at a price of $0.14 per unit (the “Offering”). Each unit will consist of one common share of AMI and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of $0.20 per common share for a period of 2 years from the date of closing of the Offering.
The proceeds will be primarily used to continue metallurgical testing of the Company’s proprietary hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries, debt settlement and working capital.
All securities issued pursuant to the Offering will be subject to resale restrictions for a period of four months from the closing date. This Offering is subject to the approval of the regulatory authorities and finders’ fees may be paid in accordance with the TSX Venture Exchange policies.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries. Interest in the Company’s patented process has adjusted the focus of American Manganese Inc. toward the examination of applying its patented technology for other purposes and materials. American Manganese Inc. aims to capitalize on its patented technology and proprietary know-how to become and industry leader in the recycling of spent electric vehicle lithium-ion batteries.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer