02:47:40 EDT Fri 14 Jun 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Canadian Manganese Company Inc
Symbol CDMN
Shares Issued 145,029,580
Close 2023-10-06 C$ 0.05
Market Cap C$ 7,251,479
Recent Sedar Documents

Canadian Manganese closes $5M debenture financing

2023-10-06 10:14 ET - News Release

Mr. Matthew Allas reports

CANADIAN MANGANESE ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF SENIOR SECURED CONVERTIBLE DEBENTURES

Canadian Manganese Company Inc. has completed a non-brokered private placement of $5-million principal amount of senior secured convertible debentures. The convertible debenture was sold in increments of $1,000 principal amount for a purchase price of $960. The net proceeds of the offering were $4,800,000.

The details of the convertible debentures are as follows: (i) the convertible debentures will mature on the date that is two years from the date of issuance (if not otherwise converted or prepaid); (ii) the convertible debentures will bear interest at a rate of 14 per cent per annum, payable semi-annually in arrears; (iii) the company shall have a right to prepay or repay a part or the entire principal amount of the convertible debentures at par plus accrued and unpaid interest at any time prior to the first anniversary of the issue date upon payment of a fee in the amount 10 per cent of the principal amount together with interest payable until the first anniversary of the issue date and at any time after the first anniversary of the issue date up to and including on the maturity date upon payment of a fee in the amount 21 per cent of the principal amount together with interest to the maturity date; (iv) each convertible debenture will be convertible into common shares of the company at the option of the holder at any time prior to the maturity date, at a conversion price of 33 cents per common share, subject to typical adjustment provisions; and (v) the convertible debentures are secured by first-ranking security over all of the company's assets. The net proceeds from the sale of convertible debentures will be used for working capital purposes and to finance the advancement of the company's Woodstock manganese project in New Brunswick.

All of the securities issued pursuant to the offering are subject to a four-month hold period.

About Canadian Manganese Company Inc.

Canadian Manganese Company is a Canadian mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. Canadian Manganese Company holds the Woodstock project in New Brunswick.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.