American Manganese Inc. (“American Manganese” or “AMY” or the “Company”), announces that the Company is closing a third and final tranche of its non-brokered private placement for $213,770 comprised of 1,068,850 units of the Company (“Units”). Each Unit will consist of one common share of AMY (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one Share at a price of $0.30 per Share for the two years following the issuance of the Warrant.
Finder’s fees payable for this tranche total $9,000 cash. All securities issued under the private placement, including this third tranche, are subject to a four-month hold period from the issuance date of the securities.
Over all three tranches of the offering, the Company raised a total of $1,542,954 by issuing 7,714,770 units. Proceeds of the private placement will be used for the RecycLiCo™ pilot plant completion, proposed spin-out of the Company’s gold/copper and rare earth properties, as well as for general working capital. Closing of the private placement is subject to acceptance by the TSX Venture Exchange.
About American Manganese Inc.
American Manganese Inc. is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™ Patented Process. The process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. American Manganese Inc. aims to commercialize its breakthrough RecycLiCo™ Patented Process and become an industry leader in recycling cathode materials from spent lithium-ion batteries.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer