American Manganese Announces Non-Brokered Private Placement
Added July 21st, 2014 – Vancouver, British Columbia
Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (“American Manganese” or the “Company”), (TSX.V: AMY; Pink Sheets: AMYZF; Frankfurt: 2AM), is pleased to announce a non-brokered private placement of the Company’s units (“Units”), at a price of $0.03 per Unit, of a minimum of 4,000,000 units for $120,000 gross proceeds and a maximum of 6,666,667 Units for $200,000 gross proceeds (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (a “Share”) plus a share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Share at a price of $0.05 during the three years following the date of issuance. In the event the Offering is over-subscribed, the Company will accept subscriptions up to 50% above the maximum.
The Company expects to use approximately $50,000 of the proceeds to pay audit-related fees, $3500 towards transfer agent fees, $20,000 to pay mineral tenure fees and the rest towards general working capital. No part of the proceeds will be used to pay management fees or to pay Related Parties. While the Company intends to spend the funds as stated, a reallocation of funds for sound business reasons may be necessary.
All securities issued pursuant to the Offering will be subject to resale restrictions for a period of four months from the closing date. The Offering is available to all shareholders who held Shares on or before July 20, 2014. If the Offering is over-subscribed, the Company will accept subscriptions from any shareholder except Insiders. Notwithstanding the foregoing, the Company reserves the right to reject any subscription in its sole discretion.
This private placement is subject to the approval of the regulatory authorities and finders’ fees may be paid in accordance with the TSX Venture Exchange policies. The Company will be applying to the TSX Venture Exchange for a waiver of the $0.05 minimum pricing requirement.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal Company focusing on potentially becoming the lowest cost producer of electrolytic manganese products from its Arizona Manganese Project.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive OfficerBack to News Releases