Manganese X arranges $360,000 private placement

Mar 21, 2019

2019-03-20 18:38 ET – News Release

Mr. Martin Kepman reports

MANGANESE ANNOUNCES CLOSING OF WARRANT INCENTIVE PROGRAM AND A PROPOSED PRIVATE PLACEMENT OF UNITS

Manganese X Energy Corp. has closed the warrant incentive program through issuance of 9,672,000 warrants to purchase 4,387,000 and 5,285,000 common shares in the capital of the corporation held by eligible persons at an exercise price of 11 cents, for a period of 30 days. The Warrants expire on July 25, 2019 and February 20, 2020, respectively and will revert back to the original exercise price. Total shares exercised through this Warrant Incentive Program was 3,073,000 shares for a value of $338,030. No finder’s fees were incurred.

In addition, the Company is pleased to announce a non-brokered private placement financing (the “Offering”) to raise up to an aggregate gross proceeds of up to $360,000 comprised of up to 3 million units (each, a “Unit”) at a price of $0.12 per Unit. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one common share (each, a “Warrant Share”), with each whole Warrant exercisable into one Warrant Share at a price of $0.14 for a period of three (3) years following the closing date.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the”Exchange”) and the securities regulatory authorities. There can be no assurance that the Offering will be completed, whether in whole or in part. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period. Proceeds from the Offering will be used for exploration, growth, research and development, marketing, and general working capital purposes.

Manganese’s mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. In addition our company is striving to achieve new methodologies emanating from environmentally friendly green/zero emissions ,while processing manganese at a lower competitive cost.

We seek Safe Harbor.

http://www.manganesexenergycorp.com/