Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF) (the
"
Company" or "
EMN") is pleased to
announce the receipt of the third and final investment tranche from
EIT InnoEnergy of €62,500 (CAD$80,606).
Pursuant to the terms of a Project Support
Agreement entered into by the Company and EIT InnoEnergy (the
"Agreement"), announced on February 22, 2021, the
Company was to receive a three-tranche investment having an
aggregate value of €250,000. The funds have been used to support
work on the Chvaletice Manganese Project’s (the
“Project”) definitive feasibility study, the
results of which were announced on July 27, 2022, and on the
Chvaletice demonstration plant, which is intended to produce
large-scale samples of high-purity manganese for supply chain
qualification by prospective customers, including European electric
vehicle makers and battery manufacturers.
The first two InnoEnergy investment tranches
totalling €187,500 (CAD$278,012) were advanced in 2021, for which
the Company issued 478,027 common shares
("Shares") on January 6, 2022 (refer to EMN news
release dated January 6, 2022). The third and final investment
tranche of €62,500 (CAD$80,606) was advanced to the Company on
August 26, 2022. Accordingly, the Company will issue an additional
237,077 Shares to EIT InnoEnergy at the price of CAD$0.34 per Share
being the 10-day volume weighted average stock price on the TSX
Venture Exchange
("TSXV") prior
to receipt of the third investment tranche. This brings EIT
InnoEnergy’s total investment to date to €250,000 (CAD$358,618).
The issuance of the 237,077 Shares is not expected to occur until
early January 2023 and remains subject to the approval of the TSXV.
In accordance with Canadian securities laws and policies of the
TSXV, Shares issued to EIT pursuant to the Agreement will be
subject to a four month and one day statutory hold from their date
of issuance.
For more information about EIT InnoEnergy’s
support of the Chvaletice Manganese Project, see EMN’s news release
dated February 22, 2021.
About Euro Manganese Inc.
Euro Manganese Inc. is a battery materials
company focused on becoming a leading, competitive, and
environmentally superior producer of high-purity manganese for the
electric vehicle (EV) industry and other high-technology
applications. The Company is advancing development of the
Chvaletice Manganese Project in the Czech Republic, which is a
unique waste-to-value recycling and remediation opportunity
involving reprocessing old tailings from a decommissioned mine. The
Chvaletice Project is the only sizable resource of manganese in the
European Union, strategically positioning the Company to provide
battery supply chains with critical raw materials to support the
global shift to a circular, low-carbon economy.
About EIT InnoEnergy
EIT InnoEnergy operates at the centre of the
energy transition and is the leading innovation engine in
sustainable energy, bringing the technology and skills required to
accelerate the green deal and Europe’s decarbonisation goals.
Recognised globally as the most active sustainable energy investor
and one of the largest climate tech and renewable energy tech
investors in 2020, EIT InnoEnergy backs innovations across a range
of areas. These include, energy storage, transport and mobility,
renewables and sustainable buildings and cities – leveraging its
trusted ecosystem of 500+ partners and 29 shareholders. EIT
InnoEnergy is the driving force behind three strategic European
initiatives which include the European Batter Alliance (EBA), the
European Green Hydrogen Acceleration Centre (EGHAC) and the
European Solar Initiative (ESI). Established in 2010 and supported
by the European Institute of Innovation and Technology (EIT), EIT
InnoEnergy has offices across Europe and in Boston, US.
Authorized for release by the CEO of Euro
Manganese Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange), or the ASX accepts responsibility for the
adequacy or accuracy of this release.
Inquiries
Dr. Matthew JamesPresident
& CEO+44 (0)747 229 6688
Louise BurgessSenior Director,
Investor Relations & Communications+1 (604)
312-7546lburgess@mn25.ca
Company Address: #709 -700 West
Pender St., Vancouver, British Columbia, Canada, V6C
1G8Website: www.mn25.ca
Forward Looking Statements
Certain statements in this news release
constitute “forward-looking statements” or “forward-looking
information” within the meaning of applicable securities laws. Such
statements and information involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company or the Project to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such statements can be identified by the
use of words such as “may”, “would”, “could”, “will”, “intend”,
“expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”,
“forecast”, “predict” and other similar terminology, or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved.
Such forward-looking information or statements
relate to future events or future performance about the Company and
its business and operations, which include, among other things,
TSXV approval for the issuance of Shares to EIT, the timing of the
delivery and operation of the demonstration plant, and other
statements with respect to the continued development of the
Chvaletice Manganese Project.
Readers are cautioned not to place undue
reliance on forward-looking information or statements.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to, the factors discussed
under “Risks Notice” and elsewhere in the Company’s MD&A for
the year ended September 30, 2021 and its most recent Annual
Information Form.
The forward-looking statements contained in this
news release are made as of the date hereof and are expressly
qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any
obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this news release.
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