American Manganese Inc. Closes Final Tranche of Non-Brokered Private Placement

Rhea-AI Summary

American Manganese Inc. (AMYZF) completed a third and final tranche of its non-brokered private placement, raising $213,770. This tranche consists of 1,068,850 units, each comprising one share and one warrant exercisable at $0.30 for two years. In total, over three tranches, the company raised $1,542,954 by issuing 7,714,770 units. Proceeds will fund the completion of the ReCycliCo^TM pilot plant, proposed spin-out of its gold/copper and rare earth properties, and general working capital. Closure is subject to TSX Venture Exchange acceptance.

Positive

• Total of $1,542,954 raised in three tranches of the private placement.
• Funding allocated for ReCycliCo pilot plant completion, enhancing operational capabilities.
• Planned spin-out of gold/copper and rare earth properties, potentially unlocking additional value.

Negative

• Private placement may lead to shareholder dilution due to additional shares issued.
• Finder's fees total $9,000, indicating costs associated with the capital raise.

SURREY, BC / ACCESSWIRE / November 18, 2020 / American Manganese Inc. (TSXV:AMY)(OTC PINK:AMYZF)(FSE:2AM) ("American Manganese" or "AMY" or the "Company"), announces that the Company is closing a third and final tranche of its non-brokered private placement for $213,770 comprised of 1,068,850 units of the Company ("Units"). Each Unit will consist of one common share of AMY (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable for one Share at a price of $0.30 per Share for the two years following the issuance of the Warrant.

Finder's fees payable for this tranche total $9,000 cash. All securities issued under the private placement, including this third tranche, are subject to a four-month hold period from the issuance date of the securities.

Over all three tranches of the offering, the Company raised a total of $1,542,954 by issuing 7,714,770 units. Proceeds of the private placement will be used for the ReCycliCo^TM pilot plant completion, proposed spin-out of the Company's gold/copper and rare earth properties, as well as for general working capital. Closing of the private placement is subject to acceptance by the TSX Venture Exchange.

About American Manganese Inc.

American Manganese Inc. is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™ Patented Process. The process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. American Manganese Inc. aims to commercialize its breakthrough RecycLiCo™ Patented Process and become an industry leader in recycling cathode materials from spent lithium-ion batteries.

On behalf of Management
AMERICAN MANGANESE INC.

Larry W. Reaugh
President and Chief Executive Officer

Information Contacts:

Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444;
Email: lreaugh@amymn.com

www.americanmanganeseinc.com
www.recylico.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward -looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

SOURCE: American Manganese Inc.

View source version on accesswire.com:
https://www.accesswire.com/617437/American-Manganese-Inc-Closes-Final-Tranche-of-Non-Brokered-Private-Placement

FAQ

What was the amount raised in the final tranche of American Manganese's private placement?

American Manganese raised $213,770 in the final tranche of its private placement.

How much did American Manganese raise in total during the private placement?

The company raised a total of $1,542,954 over three tranches.

What will the proceeds of the private placement be used for?

Proceeds will be used for the ReCycliCo pilot plant completion, spin-out of properties, and general working capital.

What type of units were issued in the private placement?

Each unit consists of one common share and one common share purchase warrant.

How long are the warrants from the private placement exercisable?

The warrants are exercisable for two years at a price of $0.30 per share.