Manganese
X
Announces
Completion
of
$1.6M Private
Placement
Montréal,
Québec, Canada, February
11,
2021
--
InvestorsHub NewsWire -- Manganese X Energy
Corp. (TSXV:
MN) (FSE:
9SC2 (OTC:
MNXXF)
("Manganese"
or the "Company")
is pleased to
announce it has completed a non-brokered private
placement offering (the "Offering")
for gross
proceeds of $1,636,210
through
the issuance of
up to 4,958,212 units (each, a
"Unit")
at a price of $0.33 per Unit.
Each Unit of the
Offering is comprised of one common share
in the capital of the Company (each, a "Common
Share")
and one common share purchase warrant (each, a
"Warrant")
being exercisable into one Common Share at a price of
$0.44 per share until February 11,
2023. In
connection with the Offering, the Company paid cash fees
of $29,482.20 and issued 89,340
finder's
warrants, which each entitle the holder thereof to purchase one
Common Share at a price of $0.44 until February 11,
2023 to a
registered finder. The net proceeds received by
the Company from the Offering are expected to be used for
business
development and 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.
The Offering
constituted a "related party transaction" as defined under
Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI
61-101")
as certain insiders of the Corporation subscribed for an aggregate
of 165,909 Units pursuant to the
Offering. The Corporation is relying on the exemptions from the
valuation and minority shareholder approval requirements of MI 61-
101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the
fair market value of the participation in the Offering by insiders
does not exceed 25% of the market capitalization of the
Corporation, as determined in accordance with MI 61-101. The
Corporation did not file a material change report in respect of the
related party transaction at least 21 days before the closing of
the Offering, which the Corporation deems reasonable in the
circumstances so as to be able to avail itself of the proceeds of
the Offering in an expeditious manner.
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
martin@kepman.com
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.