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- Euro Manganese (EMN) receives an CAD$8.5 million (A$9.2 million) investment from The European Bank for Reconstruction and Development (EBRD)
- The funds will support the development of the Chvaletice Manganese Project located in the Czech Republic
- ERBD’s investment and relationship will benefit Euro as the project moves through development, project financing, and into production
- The investment will be undertaken through a private placement, where EBRD will receive 17.8 million common shares, 4.5 per cent of the company’s common shares
- On the market today, Euro is up 5.05 per cent and trading at 52 cents per share
Euro Manganese (EMN) has received a CAD$8.5 million (A$9.2 million) investment from the European Bank for Reconstruction and Development (EBRD).
The funds will support the development of the Chvaletice Manganese Project located in the Czech Republic including the feasibility study, site preparation and operating costs for the demonstration plant.
As part of the due diligence process, EBRD engaged an independent, international natural resources consultancy to undertake a technical and environmental review of Chvaletice.
ERBD’s investment and relationship will be benefit Euro as the project moves through development, project financing, and into production.
The investment will be undertaken through a private placement, where EBRD will receive 17.8 million common shares at a price of CAD$0.4775 per share.
Once the placement is closed, EBRD will hold around 4.5 per cent of Euro’s common shares.
In connection with the placement, EMN and EBRD will enter into a project support agreement whereby, subject to certain conditions, the EBRD will be granted rights that allow participation in future financings to maintain its pro rata equity interest in the company.
Euro’s new President and CEO Matthew James commented on the announcement.
“The company welcomes this strategic investment, which aligns the company’s interest with the EBRD and opens a pathway to potentially securing project financing from the EBRD and other European financial institutions,” Dr James said
“The successful completion of the technical and environmental due diligence process is a
testament to the quality of our team and a strong vote of confidence in our Chvaletice Manganese Project. We are proud to have met the bank’s high ESG standards.”
On the market today, Euro was up 5.05 per cent and is trading at 52 cents per share at 10:54 am AEDT.
