- Euro Manganese (EMN) has issued 478,027 common shares to EIT InnoEnergy after a project support agreement was signed in February 2021
- EIT InnoEnergy is supported by the European Union with a goal to build a competitive battery industry in Europe
- The two investment tranches were used to support a definitive feasibility study and a demonstration plant at the Chvaletice Manganese Project
- Euro Manganese (EMN) is up 4.16 per cent at $0.50 per share at 1:47 PM EST
Euro Manganese (EMN) has issued 478,027 common shares to EIT InnoEnergy after a project support agreement was signed in February 2021.
Two investment tranches totalling $278,012 have been received so far.
In March 2021, Euro Manganese issued 147,380 shares at a price of $0.63 per share to EIT InnoEnergy after the first investment tranche of $92,850 was received.
In July 2021, Euro Manganese issued 330,647 shares at a price of $0.56 per share to EIT InnoEnergy after the second investment tranche of $185,162 was received.
EIT InnoEnergy is supported by the European Institute of Innovation and Technology, which is a body of the European Union. EIT InnoEnergy leads the industrial stream of the European Battery Alliance, with its objective to build a competitive battery industry in Europe.
The funds from the two investment tranches were used to support work at the Chvaletice Manganese Project, such as a definitive feasibility study and a demonstration plant.
The Project is intended to produce large-scale samples of high-purity manganese for supply chain qualification by prospective customers.
A third and final investment tranche of approximately $89,700 is expected later in the first quarter of 2022.
Euro Manganese is a battery materials company focusing on advancing the development of the Chvaletice Manganese Project.
Euro Manganese (EMN) is up 4.16 per cent at $0.50 per share at 1:47 PM EST.