Company will use proceeds for metallurgical testing, working capital
By Devika Patel
Knoxville, Tenn., Aug. 10 – American Manganese Inc. announced it plans a C$1 million non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.14 per unit.
Each warrant will be exercisable at C$0.20 for two years. The strike price is a 42.86% premium to the Aug. 9 closing share price of C$0.14.
Proceeds will be used for metallurgical testing of the company’s hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries, debt settlement and working capital.
The Vancouver, B.C.-based company is a producer of electrolytic manganese.
| Issuer: | American Manganese Inc.
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| Issue: | Units of one common share and a warrant
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| Amount: | C$1 million
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| Price: | C$0.14
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20
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| Agent: | Non-brokered
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| Pricing date: | Aug. 10
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| Stock symbol: | TSX Venture: AMY
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| Stock price: | C$0.14 at close Aug. 9
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| Market capitalization: | C$16.61 million
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