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

Rhea-AI Summary

American Manganese Inc. has successfully closed the first tranche of a non-brokered private placement, generating $756,850.45 from the issuance of 3,784,252 units. Each unit comprises one common share and a purchase warrant, exercisable at $0.30 for two years. Insiders acquired 60,000 units, and finder’s fees totaled $35,817.05. The private placement aims to raise up to $2,000,000. American Manganese focuses on recycling lithium-ion batteries with its RecycLiCo™ Patented Process, aiming to lead in extracting critical metals with minimal processing.

Positive

• Raised $756,850.45 from first tranche of private placement.
• Insiders purchased 60,000 units, indicating confidence in the company.
• Aiming to raise up to $2,000,000 through the private placement.
• Focus on recycling lithium-ion batteries, positioning the company for growth.

Negative

• None.

SURREY, BC / ACCESSWIRE / October 2, 2020 / Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (TSXV:AMY)(OTC:AMYZF)(FSE:2AM) (the "Company"), is pleased to announce that the company has closed a first tranche of its non-brokered private placement for gross proceeds of $756,850.45 from the issuance of 3,784,252 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.

Insiders (as that term is defined under TSX Venture Exchange policies) have purchased 60,000 Units in the first tranche. Finder's fees payable on the first tranche total $35,817.05 cash. All securities issued under this first tranche are subject to a four-month hold period which will expire on February 3, 2021.

As previously announced, the Company is conducting the private placement to raise gross proceeds of up to $2,000,000.

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
Telephone: 778 574 4444 Email: lreaugh@amymn.com

www.americanmanganeseinc.com
www.recyclico.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/608969/American-Manganese-Inc-Closes-First-Tranche-of-Non-Brokered-Private-Placement

FAQ

What is the purpose of American Manganese's recent private placement?

The private placement aims to raise up to $2,000,000 for funding operations.

How much did American Manganese raise in the first tranche of the private placement?

American Manganese raised $756,850.45 from the first tranche.

What is the exercise price for the warrants issued in the private placement?

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

When will the securities from the first tranche be free from the hold period?

The securities will be free from the hold period on February 3, 2021.

What is the focus of American Manganese's RecycLiCo™ Patented Process?

The process focuses on recycling lithium-ion batteries to extract critical metals.