VANCOUVER - Jan. 05, 2023 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the "Company" or "EMN") is pleased to announce that pursuant to the Project Support Agreement entered into by the Company and EIT InnoEnergy, as announced on February 22, 2021, and the receipt of the third and final investment tranche of €62,500 (CAD$80,606), the Company has issued 237,077 common shares ("Shares") to EIT InnoEnergy.
The first two EIT InnoEnergy investment tranches totalling €187,500 (CAD$278,012) were advanced in 2021, for which the Company issued 478,027 Shares on January 6, 2022 (refer to EMN news release dated January 6, 2022). The third and final investment tranche of €62,500 (CAD$80,606) was advanced to the Company on August 26, 2022, for which the Company agreed to issue 237,077 Shares at the price of CAD$0.34 per Share being the 10-day volume weighted average stock price on the TSX Venture Exchange ("TSXV") prior to receipt of the investment tranche (refer to EMN news release dated August 30, 2022). The share issuance was approved by the TSXV effective September 9, 2022.
The funds from the three investment tranches aggregating to €250,000 (CAD$358,618) were used to support work on the Project’s definitive Feasibility Study which was completed in mid-2022 and the Project's Demonstration Plant, which is currently being commissioned and is intended to produce large-scale samples of high-purity manganese for supply chain qualification by prospective customers. For more information about EIT InnoEnergy’s support of the Chvaletice Manganese Project, see EMN’s news release dated February 22, 2021.
Following the issuance of the 237,077 Shares to EIT InnoEnergy, the Company has 402,669,227 Shares issued and outstanding. In accordance with Canadian securities laws and policies of the TSXV, the Shares issued to EIT InnoEnergy are subject to a four month and one day statutory hold period expiring on May 6, 2023.
About Euro Manganese Inc.
Euro Manganese Inc. is a battery materials company focused on becoming a leading, competitive, and environmentally superior producer of high-purity manganese for the electric vehicle industry and other high-technology applications. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic, which is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. The Chvaletice project is the only sizable resource of manganese in Europe, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.
Authorized for release by the CEO of Euro Manganese Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the ASX accepts responsibility for the adequacy or accuracy of this release.
