Jan. 8 at 2:42 PM
$MNXXF here is what was said --- Manganese X Energy (MN.V 9SC.F) announced that it intends to complete a non-brokered private placement offering of up to 60,000,000 subscription receipts at a price of C
$0.035 to raise gross proceeds of up to C
$2.1 million. Eric Sprott has agreed to subscribe for 57,142,857 of the subscription receipts for an investment of
$2 million. Proceeds will be used primarily to fund Manganese X's continuing programs to advance its Battery Hill project in New Brunswick towards development, including the upcoming pre-feasibility study. As the company is relying on the minimum price exception permitted by the TSXV, which allows for the issuance of subscription receipts at less than C
$0.05, none of the proceeds will be used for payments to non-arm's length parties nor to persons conducting investor relations activities.
