- Manganese X Energy (TSXV:MN) will undertake a $2.1 million non-brokered private placement, including a $2 million commitment from Eric Sprott, one of Canada’s most storied and successful mining investors
- Funds will go towards developing the preliminary economic assessment-stage Battery Hill project in New Brunswick
- The company intends to supply high-purity manganese to the lithium-ion battery and other alternative energy industries
- Manganese X Energy stock has given back 61.11 per cent year-over-year and 56.25 per cent since 2020
Manganese X Energy (TSXV:MN) will undertake a $2.1 million non-brokered private placement, including a $2 million commitment from Eric Sprott, one of Canada’s most storied and successful mining investors.
The company will allocate the majority of the funds to advance its flagship Battery Hill project in New Brunswick, including an imminent pre-feasibility study. The project is estimated to house 12.25 million tons of measured and indicated manganese resources grading 8.77 per cent and 10.61 million tons inferred grading 9.05 per cent.
The junior explorer will issue up to 60 million unit subscription receipts priced at $0.035. Each unit consists of one common share and one-half of one share purchase warrant, with each warrant entitling the investor to acquire an additional share for $0.06 up to 36 months after the end of the offering.
The investment will result in Sprott becoming a Control Person (page 4), subject to shareholder approval at a meeting slated for late February or early March 2025.
About Manganese X Energy
Manganese X Energy intends to supply high-purity manganese to the lithium-ion battery and other alternative energy industries.
The junior mining stock (TSXV:MN) last traded at C$0.035 per share. Shares have given back 61.11 per cent year-over-year and 56.25 per cent since 2020.
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(Top photo of Eric Sprott: Canadian Mining Hall of Fame)
