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

Rhea-AI Summary

American Manganese announces the closing of a second tranche of a non-brokered private placement, raising $572,333.60 through 2,861,668 units. Each unit consists of one common share and one common share purchase warrant, exercisable at $0.30 for two years. Total funds raised in the current private placement now amount to $1,329,184.05, with a gross target of $2,000,000. Finder's fees of $5,600 apply. The company, focused on lithium-ion battery recycling, aims to commercialize its patented RecycLiCo™ process for extracting cathode metals efficiently.

Positive

• Raised $572,333.60 in second tranche of private placement.
• Total funds raised now at $1,329,184.05, nearing the $2,000,000 target.
• Focus on lithium-ion battery recycling positions the company in a growing market.

Negative

• None.

SURREY, BC / ACCESSWIRE / October 30, 2020 / American Manganese Inc. (TSXV:AMY)(OTC PINK:AMYZF)(FSE:2AM) ("AMY" or the "Company") announces that the Company is closing a second tranche of its non-brokered private placement for $572,333.60 comprised of 2,861,668 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 $5,600 cash. All securities issued under the private placement, including this second tranche, are subject to a four-month hold period.

As previously announced, the Company is conducting the private placement to raise gross proceeds of up to $2,000,000. To date the Company has raised $756,850.45 in the first tranche and $572,333.60 in the second for a total to date of $1,329,184.05.

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

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/613667/American-Manganese-Inc-Closes-Second-Tranche-of-Non-Brokered-Private-Placement

FAQ

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

American Manganese raised $572,333.60 in the second tranche of its non-brokered private placement.

What is the total amount raised by American Manganese from the private placement to date?

To date, American Manganese has raised a total of $1,329,184.05 from the private placement.

What is the expiration date for the warrants issued in the private placement?

The warrants issued in the private placement are exercisable for two years at a price of $0.30 per share.

What is the target amount American Manganese aims to raise from this private placement?

American Manganese aims to raise up to $2,000,000 from this private placement.

What sector does American Manganese operate in?

American Manganese operates in the recycling of lithium-ion batteries.