- Euro Manganese (EMN) has received the third and final investment tranche from EIT InnoEnergy of €62,500 (C$80,606)
- The first two InnoEnergy investment tranches totalling €187,500 (C$278,012) were advanced in 2021
- The proceeds have been used to support work on the Chvaletice Manganese Project’s definitive feasibility study and on the Chvaletice demonstration plant
- Euro Manganese Inc. produces high-purity manganese for the electric vehicle industry and other high-technology applications
- EIT InnoEnergy operates at the centre of the energy transition and is the leading innovation engine in sustainable energy
- Euro Manganese Inc. opened the day’s trading at C$0.35 per share
Euro Manganese (EMN) has received the third and final investment tranche from EIT InnoEnergy of €62,500 (C$80,606).
Under the terms of a project-support agreement signed by the company and EIT InnoEnergy, the company was to receive a three-tranche investment having an aggregate value of €250,000.
The proceeds have been used to support work on the Chvaletice Manganese Project’s definitive feasibility study, the results of which were announced on July 27, 2022.
The proceeds were also used on the Chvaletice demonstration plant, which is intended to produce large-scale samples of high-purity manganese for supply chain qualification by prospective customers, including European electric vehicle makers and battery manufacturers.
The first two InnoEnergy investment tranches totalling €187,500 (C$278,012) were advanced in 2021, for which the company issued 478,027 common shares on January 6, 2022.
The third and final investment tranche of €62,500 (C$80,606) was advanced to the company on August 26, 2022.
Accordingly, the company will issue an additional 237,077 shares to EIT InnoEnergy at the price of C$0.34 per share, being the 10-day volume weighted average stock price on the TSX Venture Exchange prior to receipt of the third investment tranche.
This brings EIT InnoEnergy’s total investment to date to €250,000 (C$358,618).
The issuance of the 237,077 shares is not expected to occur until early January 2023 and remains subject to the approval of the TSXV.
Euro Manganese Inc. is a battery materials company focused on becoming a leading, competitive, and environmentally superior producer of high-purity manganese for the electric vehicle (EV) industry and other high-technology applications.
EIT InnoEnergy operates at the centre of the energy transition and is the leading innovation engine in sustainable energy, bringing the technology and skills required to accelerate the green deal and Europe’s decarbonisation goals.
Euro Manganese Inc. opened the day’s trading at C$0.35 per share.
