01:47:37 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



American Manganese Inc
Symbol AMY
Shares Issued 111,492,547
Close 2014-08-28 C$ 0.03
Market Cap C$ 3,344,776
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American Manganese closes $37,000 first tranche

2014-08-29 10:38 ET - News Release

Mr. Larry Reaugh reports

AMERICAN MANGANESE CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

American Manganese Inc. has closed the first tranche of its non-brokered private placement of the company's units which was previously announced in a news release dated July 21, 2014.

The company raised $37,000 for the first tranche through the sale of 1,233,333 units of the company at a price of three cents per unit. Each unit comprises one common share in the capital of the company plus a share purchase warrant. Each warrant entitles the holder to purchase one share at a price of five cents during the three years following the date of issuance.

The company paid $1,280 cash (which is equal to 8 per cent of the gross proceeds for which finder's fees are payable) and 42,666 warrants (which is equal to 8 per cent of the number of units for which finder's fees are payable) as finder's fees for this first tranche.

The company expects to use approximately $20,000 toward mineral tenure fees on its Artillery Peak manganese project, $50,000 of the proceeds to pay audit-related fees, $20,000 toward office rent, $3,500 toward transfer agent fees, $5,000 toward legal fees and the rest toward general working capital. No part of the proceeds will be used to pay management fees or to pay related parties. While the company intends to spend the funds as stated, a reallocation of funds for sound business reasons may be necessary.

All securities issued pursuant to the private placement will be subject to resale restrictions for a period of four months from the closing date.

We seek Safe Harbor.

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