Manganese X has conditional OK for Graphano spinout

Aug 16, 2021

2021-08-16 17:53 ET – News Release

Mr. Martin Kepman reports

MANGANESE X ANNOUNCES RECEIPT OF TSXV CONDITIONAL APPROVAL FOR THE GRAPHANO ENERGY SPIN-OUT AND LISTING

The TSX Venture Exchange has issued its conditional listing approval for the previously announced spinout transaction of certain assets into Graphano Energy Ltd. pursuant to the plan of arrangement involving Manganese X and Graphano. 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 at www.sedar.com. Closing of the Arrangement is expected to occur on August 27, 2021 (the “Effective Date” or the “Distribution Date”) which would also constitute the distribution date of the common shares of Graphano (“Graphano Shares”) to the Manganese X shareholders under the Arrangement.

Holders of record of Manganese X common shares (“Manganese X Shares”) as of August 24, 2021 (the “Record Date”) will receive one share of Graphano for every eight shares of Manganese X held on the Record Date. The Graphano Shares have a deemed price of $0.05 per Graphano Shares, resulting in a deemed distribution of $0.00625 per Manganese X Share.

Manganese X Shares will commence trading on an ex-dividend basis on the TSXV at the open of trading on August 23, 2021. This means that in order to be entitled to receive a dividend of shares of Graphano, a shareholder must be a holder or Manganese X Shares as of August 20, 2021. No additional action is required by shareholders in order to receive Graphano Shares.

On the closing of the Arrangement, Graphano and Manganese X will be operated as separate companies with separate management teams and Boards of Directors. For further details on the Arrangement and the business of Graphano following the Arrangement, please refer to the Information Notice that is available on SEDAR at www.sedar.com.

The Company expects the Graphano Shares to begin trading approximately five business days following the Effective Date under the symbol “GEL”. Listing of the Graphano Shares on the TSXV is subject to a number of customary conditions which are expected to be fulfilled by the Effective Date or shortly thereafter.

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/