Company will use proceeds for metallurgical testing, working capital
By Devika Patel
Knoxville, Tenn., Sept. 2 – American Manganese Inc. said it completed a C$1.41 million non-brokered private placement of units. The oversubscribed deal priced for C$1 million on Aug. 10.
The company sold 10,068,790 units of one common share and one warrant at C$0.14 per unit.
Each warrant will be exercisable at C$0.20 for two years. The strike price is a 42.86% premium to the Aug. 9 closing share price of C$0.14.
Proceeds will be used for metallurgical testing of the company’s hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries, debt settlement and working capital.
The Vancouver, B.C.-based company is a producer of electrolytic manganese.
Issuer: | American Manganese Inc.
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Issue: | Units of one common share and a warrant
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Amount: | C$1,409,631
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Units: | 10,068,790
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Price: | C$0.14
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | Aug. 10
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Settlement date: | Sept. 2
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Stock symbol: | TSX Venture: AMY
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Stock price: | C$0.14 at close Aug. 9
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Market capitalization: | C$21.76 million
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