Manganese X Energy : Announces Receipt of TSXV Conditional Approval for the Graphano Energy Spin-Out and Listing - marketscreener.com

• Distribution Date set for August 27, 2021
• Ex-Dividend Date set for August 23, 2021

Montréal, Québec-(Newsfile Corp. - August 16, 2021) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTCQB: MNXXF) ('Manganese X' or the 'Company'), is pleased to announce that the TSX Venture Exchange (the 'TSXV') has issued its conditional listing approval for the previously-announced spinout transaction of certain assets into Graphano Energy Ltd. ('Graphano') pursuant to the plan of arrangement involving Manganese X and Graphano (the 'Arrangement'). Details of the Arrangement were described in the Company's information circular dated March 16, 2021 which was mailed to its shareholders and filed on SEDAR at www.sedar.com. Closing of the Arrangement is expected to occur on August 27, 2021 (the 'Effective Date' or the 'Distribution Date') which would also constitute the distribution date of the common shares of Graphano ('Graphano Shares') to the Manganese X shareholders under the Arrangement.

Holders of record of Manganese X common shares ('Manganese X Shares') as of August 24, 2021 (the 'Record Date') will receive one share of Graphano for every eight shares of Manganese X held on the Record Date. The Graphano Shares have a deemed price of $0.05 per Graphano Shares, resulting in a deemed distribution of $0.00625 per Manganese X Share.

Manganese X Shares will commence trading on an ex-dividend basis on the TSXV at the open of trading on August 23, 2021. This means that in order to...

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