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Canadian Manganese Co Inc (CDMNF), also known as CDMN, is a critical mineral development company based in Canada. The company aims to become a leading supplier of high-purity manganese metal products for the rechargeable battery industry. CDMN holds the Woodstock Project in New Brunswick, which includes the adjacent Plymouth and Hartford deposits. In recent financial results for the second quarter ended June 30, 2023, the company reported a continued focus on advancing the Woodstock manganese project. Despite recording a loss during this period, CDMN invested significantly in exploration and evaluation activities. The company's exploration and evaluation assets include the Woodstock manganese project in New Brunswick and subsidiary Mongoose's Cobequid IOCG property in Nova Scotia. With a working capital deficit at June 30, 2023, CDMN is pursuing various financing alternatives to fund its operations. Additionally, the company is in negotiations to complete a proposed non-brokered convertible debenture. Failure to secure adequate financing may result in operational curtailments. Stay updated on the latest developments and financial performance of Canadian Manganese Co Inc to make informed investment decisions.
Canadian Manganese Company (CBOE CA: CDMN) has revised its royalty financing agreement with Leventis Capital, now structured as a single 2% Gross Revenue Royalty (GRR) transaction for US$10 million, expected to close by November 28, 2024. The company will have a buyback option for US$15 million, requiring additional payments every three years if not exercised. At their annual meeting, shareholders approved increasing stock option plan reserves to 20%, restricted share unit plan to 5%, and elected new directors. John Allan has been appointed as the new Board Chair, replacing John Kearney who remains a director.
Canadian Manganese Company (CBOE CA: CDMN) has released its Q3 2024 financial results, reporting a loss of $860,926, compared to a loss of $374,506 in Q3 2023. The quarterly loss includes interest expense on convertible debenture of $182,841, accretion expense of $267,428, and corporate development expenses of $94,507. The company continues to advance its Woodstock manganese project in New Brunswick. As of September 30, 2024, CDMN's exploration and evaluation assets were valued at $17,545,804, with the Woodstock project accounting for $10,517,949 and subsidiary Mongoose's Cobequid IOCG property valued at $7,027,855.
Canadian Manganese Company Inc. (CBOE CA: CDMN) has reported its financial results for the second quarter ended June 30, 2024. The company recorded a loss of $768,601, which included interest expense on convertible debenture of $178,658, accretion expense on convertible debenture of $237,170, and corporate development expenses of $87,040. This compares to a loss of $454,592 in the previous year's second quarter.
CDMN's main focus remains on advancing the Woodstock manganese project in New Brunswick. As of June 30, 2024, the company held exploration and evaluation assets valued at $17,484,799, including the Woodstock project ($10,456,944) and the Cobequid IOCG property in Nova Scotia ($7,027,855).
The company has also provided an update on its royalty financing agreement with Leventis Capital Pte The initial plan to sell a 3% gross revenue royalty for US$15,000,000 has been modified to two separate transactions of 1.5% each for US$7,500,000. The first tranche is expected to close by the end of August 2024.
Canadian Manganese (CBOE CA: CDMN) announced its Q1 2024 financial results, reporting a net loss of $736,276 compared to $492,804 in Q1 2023. Key expense contributors included $179,223 in interest on convertible debt, $217,151 in accretion expense, and $92,906 in corporate development expenses. The company holds exploration and evaluation assets valued at $17,444,529, primarily focused on the Woodstock manganese project in New Brunswick. Additionally, Canadian Manganese agreed to a 3% gross revenue royalty on the Woodstock Project for $15 million, expected to close by May 2024. This will enable the redemption of a $5 million convertible debenture. The company also granted 3 million stock options to its management and service providers, exercisable at $0.10 per share until May 2029.
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