Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (“American Manganese” or “AMY” or the “Company”), is pleased to announce that the Company has closed the fourth and final tranche of its non-brokered private placement of 3,787,159 units of the Company (“Units”), raising gross proceeds of $568,073.85. Each Unit, priced at $0.15 per Unit, consists of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for one Share at a price of $0.20 per Share for the two years following the issuance of the Warrant.
All securities issued under this fourth tranche are subject to a four-month hold period which expires on September 3, 2019. Finder’s fees of $4,250 were paid for this tranche. The private placement is subject to final acceptance by the TSX Venture Exchange; conditional acceptance was granted on December 3, 2018.
The four tranches of this over-subscribed private placement raised aggregate gross proceeds of $1,557,483.75.
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 battery grade 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