// Manganese X Energy Corp. Announces Closing of Flow-Through Private Placement Financing
// THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN THE UNITED STATES //
Manganese X Energy Corp. Announces Closing of Flow-Through
Private Placement Financing
Montréal, Québec, Canada, December 22, 2023 – Manganese X Energy Corp. (TSXV: MN ;
FSE: 9SC) (“Manganese X” or the “Company”) is pleased to announce it that it has closed a
non-brokered private placement financing (the “Private Placement”) issuing an aggregate of
8,230,000 flow-through common shares of the Company (the “FT Shares”, and each, an “FT
Share”) at a price of $0. 11 per FT Share, thereby raising total gross proceeds of $905,300 (the
“Proceeds”).
Each FT Share constitutes a “flow -through share” within the meaning of the Income Tax
Act (Canada) (the "Tax Act") and the Proceeds will be used by the Company for exploration and
related programs, which qualify as "Canadian exploration expenses" and "flow -through critical
mineral mining expenditures", as such terms are defined in the Tax Act, in respect of Manganese
X’s Battery Hill Project in New Brunswick.
In connection with the Private Placement, the Company paid cash commissions
totalling $63,371 and issued a total of 576,099 finder warrants to certain finders, namely GloRes
Securities Inc., as lead finder, and Marquest Asset Management Inc. Each finder warrant entitles
the holder to purchase one common share in the capital of the Company at a price
of $0.15 until December 22, 2025.
All securities issued pursuant to the Private Placement are subject to a statutory four-month hold
period expiring April 23, 2024. The Private Placement remains subject to receipt of applicable
regulatory approvals, including final acceptance by the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities described herein have not been and will not be
registered under the United States Securities Act of 1933 , as amended (the " U.S. Securities
Act") or any state securities laws and may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws, unless an exemption from such registration is available.
About Manganese X Energy Corp.
Manganese X's mission is to advance its Battery Hill project into production, with the intent of
supplying value-added materials to the lithium-ion battery and other alternative energy industries.
The Company is also striving to achieve new carbon-friendly more efficient methodologies, while
processing manganese at a lower competitive cost. The Company’s strategic miss ion includes
that of being the first public actively traded manganese company in Canada and the US to
commercialize EV High Purity Manganese as well as potentially becoming a North American
supply chain supplier.
For more information visit the website at www.manganesexenergy.com.
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
Martin Kepman
CEO and Director
Email: [email protected]
Tel: 1-514-802-1814
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
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "forward -looking information" and "forward -looking
statements" (collectively " forward-looking statements ") within the meaning of applicable
securities legislation. All statements, other than statements of historical fact, included herein,
without limitation, are forward-looking statements. Forward-looking statements are frequently, but
not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements that events, conditions, or results
"will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news
release relate to, among other things, receipt of all necessary approvals in connection with the
Private Placement. and the use of Proceeds. Actual future results may differ materially. There can
be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. Forward -looking
statements reflect the beliefs, opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while considered reasonable by
the Company, are inherently subject to significant business, economic, competitive, political and
social uncertainties and contingencies. Many factors, both known and unknown, could cause
actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward -looking
statements and the parties have made assumptions and estimates based on or related to many
of these factors. Such factors include, without limitation, the ability of the Company to obtain final
acceptance of the Private Placement by the TSX Venture Exchange , the ability to complete
exploration work, the results of exploration, continued availability of capital, and changes in
general economic, market and business conditions. Readers should not place undue reliance on
the forward-looking statements and information contained in this news release concerning these
items. The Company does not assume any obligation to update the forward -looking statements
of beliefs, opinions, proje ctions, or other factors, should they change, except as required by
applicable securities laws.