Proactive Investors - Run By Investors For Investors

American Manganese brings in $507,450 from first tranche of private placing

Proceeds are to be used mainly for the completion of the group's pilot plant and for general working capital
American Manganese brings in $507,450 from first tranche of private placing
Each unit will consist of one American Manganese share and one share purchase warrant

American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) said it had closed the first tranche of a previously announced private placing, raising $507,450.

The critical metals group is carrying out the financing to raise gross proceeds of up to $1.5 million.

READ: American Manganese expects December start for scrap cathode metal pilot plant

Proceeds are to be used mainly for the completion of the group's pilot plant and for general working capital.

This first tranche consists of over 3.3 million units of the company.

The private placing is for a unit offering at a price of $0.15 each and  each unit will consist of one share and one purchase warrant.

The warrant  is exercisable for one common share at a price of $0.20 per share for two years from the date of closing the offering.

Last month, the group said it expects to commission its pilot plant for scrap cathode metal during the week of December 17.

The Surrey, British Columbia-based company plans to carry out tests of its handling of cathode scrap acquired from a US recycler.

Lab tests have already been conducted by Kemetco, a contractor based in Richmond, British Columbia.

The pilot plant in Arizona will process a ton of battery cathode material at 1 kilogram per hour, according to American Manganese.

View full AMY profile View Profile

American Manganese Inc. Timeline

Related Articles

G Medical's Prizma device
January 22 2019
The mobile and e-health company is set for first production from its facility in Guangzhou, China.
The company expects to open its vault for even more cash takings
January 21 2019
Contracted revenues were $3.7 million last quarter but didn’t include Solo app sales for Samsung watches.
immotion vr racing game
February 06 2019
The out-of-home VR hardware and content maker turned over more than £1mln in the second half of 2018 with ‘only’ 150 or so headsets in operation, but it wants that figure to climb to over 1,000 by the end of this year

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use