Mr. Larry Reaugh reports
AMERICAN MANGANESE INC. CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
American Manganese Inc. has received conditional acceptance to close a first tranche of the non-brokered private placement for $417,330 comprising 2,318,500 units of the company. Each unit will consist of one common share of American Manganese and one common share purchase warrant. Each warrant will be exercisable for one share at a price of 25 cents per share for the two years following the issuance of the warrant.
Insiders (as that term is defined under TSX Venture Exchange policies) have purchased one million units in the first tranche. Finders' fees payable on the first tranche total $720 cash plus 4,000 warrants. All securities issued under the private placement, including this first tranche, are subject to a four-month hold period.
As previously announced, the company is conducting the private placement to raise gross proceeds of up to $1-million.
About American Manganese Inc.
American Manganese is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low-cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries.
Interest in the company's patented process has adjusted the focus of American Manganese toward the examination of applying its patented technology for other purposes and materials. American Manganese aims to capitalize on its patented technology and proprietary know-how to become and industry leader in the recycling of spent electric vehicle lithium-ion batteries having cathode chemistries such as: lithium-cobalt, lithium-cobalt-nickel-manganese and lithium-manganese (please see the company's Jan. 19, 2017, press release for further details).
We seek Safe Harbor.
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