Manganese X seeks TSX-V OK for Graphano listing

Jun 25, 2021

2021-06-24 12:49 ET – News Release

Mr. Martin Kepman reports

MANGANESE X PROVIDES UPDATE REGARDING THE GRAPHANO ENERGY SPIN-OUT

Manganese X Energy Corp. has provided an update regarding the proposed timing of the previously announced statutory plan of arrangement with Graphano Energy Ltd. to spin out its Lac Aux Bouleaux graphite property, located in Quebec. As of the date of this Press Release, the Company and Graphano are awaiting conditional approval from the TSX Venture Exchange (“TSXV”) for Graphano to list on the TSXV on a post-spin-out basis (under the tentative trading symbol GEL).

Extension of Escrow Release Conditions

Further to the above, on December 22, 2020 and April 19, 2021, Graphano completed a private placement of subscription receipts for aggregate gross proceeds of $4,092,283, (the “Private Placement”), at a price of $0.05 per Subscription Receipt.

The conversion of the Subscription Receipts is subject to the satisfaction or waiver of certain customary escrow release conditions (the “Escrow Release Conditions”), including receipt of conditional approval from the TSXV, on or prior to June 30, 2021 (the “Outside Date”).

Graphano received a comment letter from the TSXV on June 4, 2021, which it responded to and believed to have fully satisfied the requirements of the TSXV at the time of the response, which would allow them to meet the Escrow Release Conditions prior to the Outside Date. Unfortunately, the TSXV sent an additional comment letter dated June 22, 2021, which means that Graphano will be unable to meet the Escrow Release Conditions prior to the Outside Date. Graphano is currently in the process of seeking approval from subscription receipt holders to extend the Outside Date to August 31, 2021.

About Manganese X

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/