Manganese completes Graphano Energy spinout

Aug 27, 2021

2021-08-27 17:37 ET – News Release

Mr. Martin Kepman reports

MANGANESE X CLOSES SPIN-OUT OF GRAPHANO ENERGY LTD.

Manganese X Energy Corp. has completed the spinout of Graphano Energy Ltd. pursuant to the plan of arrangement involving Manganese X and Graphano.

Pursuant to the terms of the arrangement, the company distributed 15,559,049 common shares of Graphano to shareholders of record of Manganese X common shares as of Aug. 24, 2021, on the basis of one Graphano share for every eight shares of Manganese X held on the record date.

In connection with completion of the arrangement, the company is also pleased to announce that the escrow release conditions have been satisfied in respect of Graphano’s previously completed offering of subscription receipts for gross proceeds of $4,097,283. Pursuant to the subscription receipt agreement, the escrowed proceeds have been released to Graphano.

As previously disclosed on Aug. 16, 2021, Graphano has been conditionally approved to list its common shares of on the TSX Venture Exchange (TSX-V) under the symbol GEL. Listing on the TSX-V will be subject to Graphano’s fulfilling all of the requirements of the TSX-V. Graphano expects to satisfy the requirements of the TSX-V in the coming weeks.

Upon the closing of the arrangement, Graphano and Manganese X will be operating as separate companies with separate management teams and boards of directors. 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.

For more information on the arrangement and the subscription receipt offering, please refer to the company’s news releases dated April 13, 2021, May 20, 2021, June 24, 2021, and Aug. 16, 2021, available on the company’s profile on SEDAR and at the company’s website.

About Manganese X Energy Corp.

Manganese X’s mission is to advance its Battery Hill project into production, with the intent of supplying value-added materials to the lithium-ion battery and other alternative energy industries. The company is also striving to achieve new carbon-friendly, more efficient methodologies, while processing manganese at a lower competitive cost. The company is moving toward commercialization of a manganese deposit in Canada.

Subsidiary Disruptive Battery’s mission is to develop an HVAC air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air.

We seek Safe Harbor.

https://www.manganesexenergycorp.com/