American Manganese Inc. (“American Manganese” or the “Company”), (TSX.V: AMY; OTCQB: AMYZF), announces that the Company has closed its private placement announced in its news release dated January 16, 2013.
The total amount raised pursuant to the private placement was $150,000 over two tranches. The first tranche consisted of 2,500,000 units for $125,000 and the 2nd tranche consisted of 500,000 units for $25,000 at a price of $0.05 per unit (“Units”).
Each Unit is comprised of one common share in the capital of the Company (a “Share”) plus a two year share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Share at a price of $0.10 two years from the date of issuance, subject to accelerated exercise if the Shares trade at $0.15 per Share for 20 consecutive days.
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 general working capital. The Company has paid finder’s fees totaling $14,250 in connection with the private placement.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal Company focusing on potentially becoming a producer of high purity EMD and CMD for the battery industry.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer