Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (the “Company”), is pleased to announce that the company has closed a first tranche of its non-brokered private placement for gross proceeds of $756,850.45 from the issuance of 3,784,252 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.
Insiders (as that term is defined under TSX Venture Exchange policies) have purchased 60,000 Units in the first tranche. Finder’s fees payable on the first tranche total $35,817.05 cash. All securities issued under this first tranche are subject to a four-month hold period which will expire on February 3, 2021.
As previously announced, the Company is conducting the private placement to raise gross proceeds of up to $2,000,000.
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