American Manganese Inc. [AMY-TSXV, AMYZF-OTCPINK] said Thursday it plans to raise $20 million from a private placement offering with institutional investors.
Under the terms of the financing, the company will issue up to 20 million common shares and warrants to purchase up to 20 million common shares for $1 per share and associated warrant.
Each warrant will entitle the older to purchase once common share at an exercise price of $1.25 at any time prior tot the third anniversary of closing, likely around October 4, 2021.
Net proceeds are earmarked for working capital and general corporate purposes. Details about the specific allocation of the proceeds will be disclosed in the prospectus supplement, the company said in a press release.
American Manganese shares were active on the news, falling 23% or 28 cents to 94 cents on volume of 2.17 million. The shares are currently trading in a 52-week range of $2.86 and 17.5 cents.
American Manganese is moving to establish itself as a pioneer in the advanced lithium-ion battery recycling market. With the aid of its RecycLiCo Patented Process, the company aims to promote a circular economy for the lithium-ion battery supply chain and set the standard for high recovery and purity of cathode materials from spent lithium-ion batteries.
A key aim is to become an industry-leading miner of cathode metals from spent lithium-ion batteries.
Like other companies in the battery metals sector, American Manganese is betting that global warming...
Read Full Story: https://resourceworld.com/american-manganese-unveils-20-million-financing/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
