Dual-listed Canadian mining company Euro Manganese (ASX:EMN) reports it has issued 237,077 common shares to energy transition focused company EIT InnoEnergy.
The common shares were delivered to EIT InnoEnergy as part of a Project Support Agreement that was entered into by both parties in February 2021 and comes following the confirmation of the 3rd and final investment tranche of CAD$80,606.
In addition, the shares are reported by Euro Manganese to have been delivered at a price of CAD$0.34 per share being the 10-day volume weighted average stock price (VWAP) on the TSX Venture Exchange (TSXV) prior to the receipt of the investment tranche.
This 3rd and final tranche investment is reported by Euro Manganese to have been fast-tracked to the company on August 26 2022.
To date the company has issued a total of 715,284 shares to EIT InnoEnergy throughout the duration of the project support agreement
To date the company has issued a total of 715,284 shares to EIT InnoEnergy throughout the duration of the project support agreement, issuing 478,027 shares on 6 January 2022 following the completion of the first 2 EIT InnoEnergy investment tranches which were paid in full at a sum of CAD$278,012.
Euro Manganese notes that the funds received from EIT InnoEnergy have totalled to about CAD$358,618 and were used to advance work on the project’s definitive feasibility study (DFS) that was completed in mid-2022, and the project’s Demonstration Plant, which is currently being commissioned.
The company goes on to say that the Demonstration Plant is intended to produce large-scale samples of ‘high-purity’ manganese for supply chain qualification by prospective customers.
Euro Manganese is an ASX-listed battery materials company that has a principal focus on advancing the development of its wholly-owned Chvaletice Manganese Project located in the Czech Republic. The company’s current goal is to evolve into a leading, competitive and environmentally superior primary producer of ultra-high-purity manganese products within the heart of Europe, serving the lithium-ion battery industry and other high-technology applications.
The company is headquartered in the Canadian capital city of Vancouver in British Columbia and has shares listed on the Canadian TSXV and on the ASX under the EMN trading symbol. To date, Euro Manganese has just under 402.7 million shares issued and outstanding.
With the share issuances to EIT InnoEnergy now complete, Euro Manganese announces that the shares issued are subject to a 4-month and 1-day statutory hold period which expires on 6 May this year.
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