Euro Manganese closes second tranche of private placement to raise gross proceeds of C$5.339 million

Euro Manganese Inc.(ASX:EMN) (CVE:EMN) (FRA:E06) has closed the second tranche of its private placement following shareholder approval at a special meeting held on December 10, 2020.  The tranche 2 placement raised gross proceeds of C$5.339 million (A$5.62 million).  Oversubscribed It comprises of 1,216,862 common shares and 26,883,138 CHESS Depositary Interests (CDI), with each CDI representing one share at a price of C$0.19 per share and A$0.20 per CDI, respectively. Shares issued pursuant to the tranche 2 placement are subject to a four-month statutory hold period which expires on April 17, 2021. The two-tranche private placement was oversubscribed and received strong support from new and existing shareholders, including a number of new institutional and specialist resources investment funds. Progress Chvaletice Manganese Project Aggregate gross proceeds under the private placement of about C$11.4 million (A$12.0 million) will be used to further progress its Chvaletice Manganese Project in the Czech Republic, including placing the order on the Chvaletice demonstration plant, advancing the project’s permitting, advancing work on the feasibility study and for other general corporate purposes. Canaccord Genuity (Australia) Ltd acted as lead manager and bookrunner for the offering while Bacchus Capital Advisers Ltd was the financial adviser. Fees payable in cash by the company in connection with the offering consisted of payments of A$571,568 (around C$543,000) to Canaccord and C$127,645 to BCAL. The Canadian waste recycling company also issued 6,000,000 broker warrants to Canaccord. The broker warrants are exercisable any time prior to December 16, 2023, with one-half of such broker warrants having an exercise price of C$0.30 per share and one-half of such broker warrants having an exercise price of C$0.35 per share.