Manganese X arranges $1.53M placement

Oct 13, 2020

2020-10-13 06:58 ET – News Release

Mr. Martin Kepman reports

MANGANESE X ARRANGES PRIVATE PLACEMENT FOR A STRATEGIC INVESTOR

Manganese X Energy Corp. intends to complete a non-brokered private placement offering of $1.53-million through the issuance of six million units at a price of 25.5 cents per unit to an individual strategic investor.

The company intends to use the net proceeds of the private placement to finance and accelerate development of its patented HVAC (heating, ventilation and air conditioning) air management solution to combat bacteria and viruses. In addition, financing will be used for other technological initiatives under contemplation through subsidiary Disruptive Battery Corp. and for working capital.

Each unit of the offering will comprise one common share in the capital of the company and one common share purchase warrant, being exercisable into one common share at a price of 40 cents per share for a period of two years from closing.

The company has received an order from an individual strategic investor. The investor will be required to complete a subscription agreement, which confirms, among other things, the availability of an exemption from the prospectus requirements of applicable securities laws in respect of the sale of units to such purchaser.

The offering is expected to close on or about Oct. 21, 2020. No finders’ fees will be paid in connection with the offering.

About Manganese X Energy Corp.

Manganese’s X mission is to expand its existing high-potential manganese mining holdings with additional sites located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. In addition, the company is striving to achieve new methodologies emanating from environmentally and geographically ethical and friendly green/zero emissions technologies, while processing manganese at a lower competitive cost.

We seek Safe Harbor.

https://www.manganesexenergycorp.com/