American Manganese Inc. (“AMI” or the “Company”) has closed its non-brokered private placement offering (the “Offering”) of 10,068,790 units (“Units) at a purchase price of $0.14 per Unit for aggregate gross proceeds of $1,409,631. Each Unit is comprised of one common share in the capital of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Share at a price of $0.20 during the two years following the Warrant’s date of issuance.
The Offering was over-subscribed by $409,631 over the $1,000,000 target initially contemplated for the private placement. The Company intends to use the net proceeds from the Offering for continued 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 a four-month hold and other applicable resale restrictions. This Offering is subject to final acceptance by the TSX Venture Exchange.
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