Manganese X Announces Private Placement
Manganese X Announces Private Placement
Montréal, Québec--(Newsfile Corp. - February 1, 2021) - Manganese X Energy Corp.
(
TSXV: MN
)
(
OTC Pink: MNXXF)
(
FSE: 9SC2
) ("
Manganese
" or the "
Company
") is pleased to announce its
intention to complete non-brokered private placement offering (the "
Offering
") to raise up to $1,650,000
through the issuance of up to 5,000,000 units (each, a "
Unit
") at a price of $0.33 per Unit.
Each Unit of the Offering will be 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 $0.44 per share for a period of two (2) years from closing.
In connection with the Offering, the Company may pay finder's fees to certain registered brokerage firms,
which fees would be a cash payment equal to 6% of the gross proceeds raised by purchasers
introduced by such brokers, and the issuance of non-transferable compensation warrants equal to 6% of
the number of Units purchased by purchasers introduced by such brokers. Such compensation warrants
will be issued on substantially the same terms and conditions as the Warrants.
The net proceeds received by the Company from the Offering are expected to be used for general
working capital purposes.
All securities issued pursuant to the Offering will be subject to a statutory hold period expiring four
months and one day after closing of the Offering. Completion of the Offering is subject to a number of
conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX
Venture Exchange (the "
Exchange
"). None of the securities issued in the Offering will be registered
under the United States Securities Act of 1933, as amended (the "
1933 Act
"), and none of them may be
offered or sold in the United States absent registration or an applicable exemption from the registration
requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale
would be unlawful.
Subject to customary closing conditions, including the approval of the Exchange, the Offering is expected
to close on or about February 5, 2021.
However, there is no assurance that the Company will complete
the Offering upon the terms set out above, or at all.
Resignation of Anthony Viele
Separately, the Company announces that Anthony Viele has resigned from its Board of Directors given
growing business commitments outside of the Company, effective immediately.
Martin Kepman, CEO of the Company, said, "The Board is grateful for the valuable contribution that Mr.
Viele has made to the Board of Directors, and wish him all the best in his future endeavours."
Option Grant
The Company is also pleased to announce that it has granted an aggregate of 2,600,000 stock options
(the "
Options
") to certain directors, officers and consultants of the Company pursuant to the provisions
of the Company's stock option plan. The Options are exercisable for a period of 5 years at a price of
$0.63 per share and vest according to the following vesting schedule: one third (1/3) of the Options vest
on the date of grant; and one third (1/3) of the Options will vest on each of the 12
and 24 month
anniversary of the date of grant. The grant of the Options remains subject to the approval of the
Exchange.
Aout 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 inability of the Company to complete the Offering; (iv) the Exchange not approving the Offering or
the grant of Options; or (v) 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/73375