American Manganese Arranges $200,000 Private Placement

American Manganese Inc. (TSXV:AMY) announced it intends to complete a non-brokered private placement for gross proceeds of up to $200,000 by way of a unit offering at a price of two cents per unit. Each unit will consist of one common share of AMI and one common share purchase warrant. Each warrant will be exercisable for one common share at a price of five cents per common share for a period of two years from the date of closing of the offering.
The proceeds will be primarily used to conduct proof-of-concept testing of the company’s proprietary hydrometallurgical process for large-scale recycling lithium-ion electric-vehicle batteries. The balance will be used to pay patent application fees, exchange fees, regulatory filing fees, current liabilities, as well as general administration expenses. No part of the proceeds will be used to pay related parties. While the company intends to spend the funds as stated, a reallocation of funds for sound business reasons may be necessary.