- Manganese X Energy (MN) is set to raise up to C$1 million via a private placement to fund exploration work in New Brunswick
- The company intends to issue 10 million units at a price of $0.10 each, which will consist of one common share and one common share purchase warrant
- Each warrant will be exercisable at a price of $0.15 for a period of three years from the date of issuance
- Of the total $1 million amount, $200,000 is expected to go towards general corporate expenses while $800,000 will go towards exploration at the company’s Battery Hill project
- Manganese X Energy (MN) is currently down 4.76 per cent and is trading at 10 cents per share
Manganese X Energy (MN) is set to raise up to C$1 million via a private placement to fund exploration work in New Brunswick.
Under the terms of the non-brokered placement, the Montreal-based company intends to issue 10 million units at a price of 10 cents each. These units will be comprised of one common share in Manganese X and one common share purchase warrant.
Each warrant will be exercisable at a price of $0.15 per share for a period of three years from the date of issuance.
Manganese X noted in today’s announcement that a minimum offering size applies, being $750,000 or 7.5 million units.
In line with the applicable securities laws, the placement will be open until August 31, 2020, and is available for all existing shareholders as of July 23 this year. Should the offering close oversubscribed, the company will accept subscriptions on a first come first served basis.
Of the total $1 million amount, $800,000 is expected to go towards exploration work at Manganese X’s Battery Hill manganese project in Newbrunswick, with the remaining $200,00 to go towards general corporate expenses.
The company intends to begin a diamond drill program at the project later this year, focusing on the Moody Hill zone, which is thought to host a potential resource of 10 million tonnes. An environmental baseline study will also be undertaken as the project advances into next year.
As announced on June 23, Phase Two metallurgical bulk testing by Kemetco Research is currently underway, with encouraging results so far.
Manganese X Energy (MN) is currently down 4.76 per cent to 10 cents per share at 1:48pm EDT.