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American Manganese to raise C$2M for battery recycling plant, metal spinoffs with private placement

The company intends to offer units at a price of C$0.24 per unit, each of which will consist of a common share and a purchase warrant

Canadian money
American Manganese is focused on recovering key metals from scrap cathode material rejected by battery manufacturers, then selling it back into the market

American Manganese Inc (CVE:AMY) (OTCMKT:AMYZF) announced plans Monday to undergo a non-brokered private placement worth as much as C$2 million to fund the completion of its battery recycling pilot plant.

The company intends to offer units at a price of C$0.24 per unit, each of which will consist of a common share and a purchase warrant. The warrants will be exercisable at a price of C$0.30 per share for a period of two years, the company said.

The proceeds will be primarily used to finish the pilot plant, spin-out some gold/copper assets and rare earth mineral property, as well as for general working capital.

READ: American Manganese boosts its pilot plant development with increased processing capacity

All securities issued as part of the offering will be subject to a hold for four months from the closing date, the company said.

American Manganese is focused on recovering key metals, such as nickel and cobalt, from scrap cathode material rejected by battery manufacturers in a ground-breaking process, then selling it back into the market.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: American Manganese Inc.

Price: 0.24 CAD

TSX-V:AMY
Market: TSX-V
Market Cap: $43.38 m
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American Manganese launches 2M dollar private placement to move battery...

American Manganese (CVE: AMY-OTC: AMYZF) CEO Larry Reaugh joined Steve Darling from Proactive with news the company has opened up a private placement as the company looks to raise 2 million dollars. Reaugh talks about what that money is going to be used for including the spinning out of the...

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