Manganese X Announces Closing of Strategic Investment
Manganese X Announces Closing of Strategic
Investment
Montreal, Quebec--(Newsfile Corp. - October 19, 2020) -
Manganese X Energy Corp.
(
TSXV: MN
)
(
FSE: 9SC2
(
OTC Pink: MNXXF
) ("
Manganese
" or the "
Company
") is pleased to announce that it
has closed its previously announced non-brokered private placement for gross proceeds of $1,530,000
through the issuance of 6,000,000 units (a "
Unit
" or "
Units
") of the Company at $0.255 per Unit (the
"
Offering
") to a strategic investor. Each Unit is comprised of one common share in the capital of the
Company (each, a "
Common Share
") and one common share purchase warrant (each, a "
Warran
t")
being exercisable into one Common Share at a price of $0.40 per share for a period of two (2) years
following closing.
The net proceeds of the Offering will be used by the Company to finance and accelerate development of
its patented HVAC (heating, ventilation and air conditioning) air management solution to combat
bacteria and viruses. In addition, financing will be used for other technological initiatives under
contemplation through subsidiary Disruptive Battery Corp. and for working capital.
The Offering is subject to final approval from the TSX Venture Exchange
.
About Manganese X Energy
The Company's mission is to acquire and advance high potential manganese mining prospects located
in North America with the intent of supplying value added materials to the lithium ion battery and other
alternative energy industries. In addition, Manganese X Energy is striving to achieve new methodologies
emanating from technologies for environmentally geographically ethical and friendly green/zero
emissions, while processing manganese at a lower competitive cost.
For more information, visit the website at
www.manganesexenergycorp.com
.
On Behalf of the Board of Directors
Martin Kepman
CEO and Director
1-514-802-1814
Cautionary Notes: General and Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of the
Company and may not be relied upon in connection with the purchase or sale of any such security.
This news release contains "forward-looking information" within the meaning of Canadian securities
legislation. The forward-looking information contained in this news release represents the
expectations of the Company as of the date of this news release and, accordingly, is subject to
change after such date. Forward-looking information includes information including statements with
respect to the future exploration performance of the Company. Forward-looking information is based
on, among other things, opinions, assumptions, estimates and analyses that, while considered
reasonable by the Company at the date the forward-looking information is provided, are inherently
subject to significant risks, uncertainties, contingencies and other factors that may cause actual
results and events to be materially different from those expressed or implied by the forward-looking
information. The risks, uncertainties, contingencies and other factors that may cause actual results to
differ materially from those expressed or implied by the forward-looking information may include, but
are not limited to (i) adverse market conditions; (ii) risks inherent in the mining industry in general; (iii)
the Exchange not approving the Offering; or (iv) risks generally associated with the Company's
business, as described in the Company's public filings on SEDAR, which readers are encouraged to
review in detail prior to any transaction involving the securities of the Company. Actual results and
future events could differ materially from those anticipated in such information. These and all
subsequent written and oral forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified in their entirety by this notice.
Except as required by law, the Company does not intend to update these forward-looking statements.
Readers should not place undue importance on forward-looking information and should not rely upon
this information as of any other date.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/66322