RecycLiCo Battery Materials (“American Manganese” or the “Company”), (TSX.V: AMY; OTCQB: AMYZF), announces that the Company has closed its private placement announced in its news releases dated January 19, 2011 and January 25, 2011.
The total amount raised pursuant to the private placement was $4,193,088.30 which was comprised of 13,976,961 units (“Units”) at a price of $0.30 per Unit.
Each Unit is comprised of one common share in the capital of the Company, plus a two year share purchase warrant (the “Warrant”). Each warrant entitles the holder to purchase one common share at a price of $0.40 per share at any time up to 5:00 pm (Vancouver time) on February 9, 2013. All of the securities issued pursuant to the private placement have a hold period expiring four months and one day after the closing dated.
The proceeds of this private placement will be used towards pre-feasibility, pilot plant, drilling, baseline environmental work and general working capital. The Company has paid finder’s fees totaling $300,917.07 and issued 120,224 broker warrants, in connection with the private placement.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a diversified specialty and critical metal Company focusing on potentially becoming the lowest cost producer of electrolytic manganese from its Arizona Manganese Project.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer