Euro Manganese’s shareholders give stamp of approval for two-tranche placement to raise C$11.4 million

Euro Manganese Inc’s (ASX:EMN) (CVE:EMN) (FRA:E06) shareholders have given the green light to the company’s oversubscribed two-tranche private placement to raise a total of C$11.4 million to fund the further development of its flagship Chvaletice Manganese Project in the Czech Republic.  At the special meeting of shareholders on December 10, 2020, shareholders also approved the subscription of 142,000 shares under the second tranche, by the company’s president and chief executive officer Marco Romero.  Strong support for placement The private placement was oversubscribed and received strong support from new and existing shareholders, including a number of new institutional and specialist resources investment funds. There will be more than 1.933 million shares issued along with in excess of 58.066 million CHESS depository interests (CDIs) at a price of C$0.19 per share or A$0.20 per CDI. Proceeds will progress the Chvaletice project including the purchase, installation and operation of a demonstration plant and advancing the project’s permitting and feasibility study. Placement details The two-tranche placement comprises of: ➢ Tranche one: 716,384 shares and 31,183,616 CDIs for aggregate gross proceeds of around C$6.061 million, expected to close on or about October 28, 2020; and ➢ Tranche two: 1,216,862 shares and 26,883,138 CDIs for aggregate gross proceeds of approximately C$5.339 million which will be subject to shareholder approval as required by Listing Rules 7.1 and 10.11.1 of the Australian Securities Exchange.