Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) announced it has closed its non-brokered private placement offering to raise nearly $2.1 million for exploration on its lithium project in Canada.
The company issued a total of 9,015,958 flow-through units at a price of $0.23 each to raise total proceeds of $2,073,670.34.
Each flow-through unit consists of one share and one-half of one warrant, with each whole warrant entitling the holder to purchase a non-flow through share at an exercise price of $0.32 until December 15, 2024.
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Montreal-based 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.
Located in New Brunswick, Battery Hill consists of 55 claims covering 1,228 hectares encompassing all or parts of five manganese-iron zones in the province.
The company is also striving to achieve new environment-friendly more efficient methodologies, while processing manganese at a lower competitive cost.
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