Euro Manganese Inc. (EMN) has closed its initial public offering on the TSX-Venture Exchange in Canada of 10 million common shares of the company at a price of CAN$0.25 per share, for aggregate gross proceeds of CAN$2 500 000 (the offering). Concurrently, the company successfully completed an initial public offering on the Australia Securities Exchange (ASX) of 25 000 000 CHESS Depository Interests (each, a ‘CDI’ and each CDI representing one fully paid common share), at a price of AUS$0.26 per CDI, for gross proceeds of AUS$6 500 000 (approximately CAN$6 100 000) (Australian offering). Gross proceeds to the company from the offering and Australian offering were approximately CAN$8 600 000.
The company has been admitted to the ASX, and its CDIs began trading on the ASX on 2 October 2018 (Australia time) under the trading symbol ‘EMN’. The Common Shares will commence trading on the TSX-V at market open, on 2 October 2018 (Canada time), also under the trading symbol ‘EMN’.
The company is advancing the evaluation and development of the Chvaletice manganese project, located in the Czech Republic, in which it holds a 100% interest. The project contains one of Europe’s largest manganese deposits, hosted in tailings from historical mining and milling operations. The project leverages excellent surrounding infrastructure and a strategic location in the heart of Europe, where consumption of high purity manganese products is widely expected to expand significantly in the coming decade, driven by demand from the continent’s major emerging electrical vehicle and lithium-ion battery industries, and by the high performance steel and aluminum alloy industries.
The Czech Republic, a member of the European Union, is a modern, stable and sophisticated country, with comprehensive business, investment and environmental laws. EMN expects that the proposed recycling and reprocessing of the Chvaletice tailings will result in the environmental remediation of this site, bringing it into compliance with current Czech and EU standards and regulations. The company seeks to work closely with neighbouring communities to achieve positive outcomes for their residents.
The company’s board and management team are experienced company builders and have uniquely complementary skills in exploration, financing, project development and operations. Its management team has a strong track-record and reputation for excellence in environmental practices and corporate social responsibility.
Canaccord Genuity Corp. acted as agent for the Offering in Canada and Canaccord Genuity Australia Limited managed the Australian offering.
Marco Romero, EMN’s President and CEO stated: “The successful completion of our dual IPO, in the world’s leading equity capital markets for our sector, is a noteworthy milestone for EMN. It enables us to continue our steady progress towards the development of this strategic manganese resource in the heart of Europe. It brings us one step closer to our goal of becoming a highly competitive, reliable and environmentally superior supplier of ultra-high purity manganese products, satisfying the requirements of the most demanding customers.
“Our timing and the location of our project appear to be excellent. European and international demand for high purity manganese products used in the leading lithium-ion battery formulations is increasing rapidly. There are significant sums being invested or expected to be invested in the development of battery and battery precursor plants in Europe that require high purity manganese inputs. This is particularly evident with the lithium-ion battery and precursor materials production capacity and plans for its growth that have emerged in recent times in Germany, Poland, Belgium, Hungary, Austria, Sweden and Finland. We also see significant market opportunities outside Europe.
“We are paying great attention to detail in everything we do, continuously striving to achieve very high technical, commercial, environmental and social standards.”
Read the article online at: https://www.globalminingreview.com/finance-business/03102018/euro-manganese-completes-initial-public-offering-on-tsx-v-and-asx/