Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc.(“American Manganese” or “AMI” or the “Company”), (TSX.V: AMY; OTC US: AMYZF; FSE: 2AM), is pleased to announce that further to its news release dated April 20, 2016, the Company has closed its oversubscribed private placement raising $200,500.
The Company issued 10,025,000 units. Each unit consists of one common share at $0.02 per share and one non-transferable share purchase warrant exercisable at $0.05 per share for a period of 24 month following closing.
Finder’s fees amounted to $6500 and 17,500 non-transferable warrants. All securities issued for this private placement are subject to a four-month hold, expiring September 18, 2016.
The proceeds will be primarily used to conduct “proof of concept” testing of the Company’s proprietary hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries. The balance of the proceeds will be used to pay patent application fees, exchange fees, regulatory filing fees, current liabilities as well as general administrative expenses. No part of the proceeds will be used to pay Related Parties. While the Company intends to spend the funds as stated, a reallocation of funds for sound business reasons may be necessary. No part of the proceeds will be used to pay related parties.
The closing of the private placement is subject to final acceptance from 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 lion ion batteries (Please see the Company’s March 31, 2016 press release for further details).
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer