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- Euro Manganese (EMN) has increased its previously announced two-tranche private placement from A$4 million to roughly A$4.27 million
- The first tranche consisted of over 5.1 million shares and over 16.3 million CHESS Depositary Interests (CDIs) for roughly A$1.3 million
- This tranche closed on July 9
- Tranche 2 includes around 6.8 million shares and originally 34.8 million CDIS for around A$2.6 million
- Now, over 37.8 million CDIs will be issued for roughly A$2.8 million
- Tranche 2 is subject to shareholder approval at a meeting which will be held in August
- The funds are going towards developing the Chvaletice Manganese Project in the Czech Republic, as well as for general corporate purposes
- Company shares remain in the grey and are trading for 7 cents each
Euro Manganese (EMN) has increased its previously announced private placement from C$3.85 million (roughly A$4 million) to C$4.04 million (roughly A$4.27 million).
The funds are being utilised to further progress the Vancouver-based company’s Chvaletice Manganese Project in the Czech Republic. Specific activities include advancing the feasibility study and Environmental Impact Assessment (EIA). Funds will also go towards other general corporate purposes.
Under the initially announced placement, the two tranches incorporated 5,155,738 shares and 16,344,262 CHESS Depositary Interests (CDIs) for C$1,311,500 (roughly A$1,389,620) for Tranche 1. This tranche closed on July 9.
Tranche 2 originally included 6,823,944 shares and 34,801,343 CDIs for C$2,539,142 (roughly A$2,690,390) and is subject to shareholder approval at a meeting which will be held in August.
Today’s update has stated 6,823,944 shares will be issued and 37,878,266 CDIs for aggregate proceeds of C$2.73 million (roughly $2.8 million).
While CDIs issued under the offering will be free-trading, the shares issued will be subject to a four month and one day statutory holding period. The offer remains subject to approval by the TSX Venture Exchange.
Company shares remain in the grey and are trading for 7 cents each at 10:02 am AEST.
