Companies generally get a degree of traction when they make announcements with regards to the possibility of raising further capital, and hence, it could be a good time to keep an eye on the Euro Manganese (OTC: EUMNF) stock this morning. On Thursday the company announced that it was going to raise C$5.9 million through a placement.
The Details
In the news release yesterday, Euro Manganese announced that it was going to have a brokered and conditional placement of its common shares and CHESS Depositor Interests to raise a total of a maximum of C$5.9 million. The securities would be offered for C$0.036 pre-consolidation per new security development that would include a subscription from the EBRD (European Bank for Reconstruction and Development) worth as much as C$3.1 million.
Further Information
The company also announced that the proceeds from the conditional placement would be used for the current development efforts of the Chvaletice Manganese Project and customer engagements. As a consequence, the company would be able to get further offtake term sheets in addition to strategic investments. In light of these developments, it may be a good move to add the Euro Manganese stock to your watch lists.
Ms. Martina Blahova, interim CEO of Euro Manganese, commented:
“This critical financing enables the company to pursue certain key milestones and advance project development, including securing offtake agreements and additional offtake term sheets, pursuing an investment from a strategic investor, operating the demonstration plant to market our product to potential customers, and advancing permitting. As one of Euro Manganese’s largest shareholders, EBRD’s follow-on investment reinforces its support and commitment to the project. The Chvaletice Manganese Project remains pivotal in building a sustainable European EV battery supply chain—essential to Europe’s transition to e-mobility.”
