American Manganese Inc, the critical metals group, said it has raised around C$20 million gross after closing a previously announced private placing, earmarked to pay for working capital and general corporate purposes.
The company has issued to institutional investors up to 20 million shares and warrants to buy up to 20 million shares for C$1 per share and associated warrant.
Each warrant entitles the bearer to buy one share at an exercise price of C$1.25 per share for three years from closing.
READ: American Manganese enters C$20M private placement with institutional investors
A.G.P./Alliance Global Partners acted as the exclusive placement agent for the financing.
The agent received a cash commission equal to 7% of the total gross proceeds received from the sale of the shares and warrants. In addition, American Manganese issued to the agent warrants equal to 7% of the number of shares sold under the placing. Each placement agent warrant entitles the holder to buy one share at an exercise price of C$1 per share at any time from six months from closing to the three-year anniversary.
American Manganese is focused on upcycling lithium-ion battery waste into high-value battery cathode materials, using its RecycLiCo process. The process creates valuable lithium-ion battery materials for the re-manufacturing of new lithium-ion batteries.
Contact the author at giles@proactiveinvestors.com