Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) told investors it plans to raise about $2.07 million from a non-brokered private placement, with the funds targeted at Canadian Exploration Expenses and flow-through mining expenditures.
The company said it will offer just over 9 million flow-through units at $0.23 per unit, with each unit consisting of one common share, qualifying as a flow-through share for the purposes of the Income Tax Act, and one half of one common share purchase unit.
The warrants are exercisable for 24 months from the date of issuance at an exercise price of $0.32 each, it added.
READ: Manganese X Energy kicks off pilot plant for EV battery project
All securities issued in connection with the offering will be subject to a hold period expiring four months and one day from the date of the offer closing, it said.
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.
Contact the author at stephen.gunnion@proactiveinvestors.com