Euro Manganese Inc (ASX:EMN, TSX-V:EMN, OTCQX:EUMNF) has issued 237,077 shares to EIT InnoEnergy as part of a funding agreement for the Chvaletice Manganese Project in the Czech Republic, having received the third and final investment tranche of €62,500 (A$97,400) from the innovation firm.
EMN entered into a binding agreement with EIT InnoEnergy in February 2021, with the two companies negotiating a funding for shares deal that would support the accelerated development of the Chvaletice Manganese Project.
EIT InnoEnergy is a decarbonisation-focused ‘innovation engine’ firm supported by the European Institute of Innovation and Technology, that invests in hundreds of sustainable energy innovations and companies.
Overall, Euro Manganese has received €250,000 (A$389,750) in funding in return for just over 715,000 shares.
Advancing the Chvaletice Project
The funds from the first three payment tranches supported the project’s definitive feasibility study (DFS), which was completed in mid-2022, and the commissioning of the project’s demonstration plant, which will produce large-scale samples of Chvaletice’s high-purity manganese for supply chain qualification testing.
EMN intends to produce high-purity manganese sulphate (HPMSM) and other battery-grade products from a tailings deposit on the Chvaletice project site, repurposing waste products from the old mine to service the European battery market.
As the only sizeable manganese deposit currently in the European Union, Euro Manganese is positioning itself to provide 50% of Europe’s projected battery-grade manganese demand by 2025.