- Euro Manganese (EMN) has announced a $4.1 million capital raising and a shakeup of senior management as it prepares for the commercial development of its Czech project
- The Canadian minerals explorer is working to develop the Chvaletice Manganese Project in the Czech Republic to recycle historical mine tailings
- Under the two-tranche placement, the company intends to issue nearly 12 million shares and more than 51 million CHESS depository interests
- These funds will support the Chvaletice feasibility study and environmental impact assessment, as well as other corporate purposes
- Additionally, the search is underway for two new independent directors as the company prepares for the commercialisation and financing phase of the project
- Company directors Roman Shklanka, Harvey McLeod and Daniel Rosicky will all move to strategic advisory roles
- Finally, Jan Votava will resign as a director but will remain as the Managing Director of the company’s Czech subsidiary Mangan Chvaletice
- Euro Manganese shares are trading 2.9 per cent higher for seven cents each
Euro Manganese (EMN) has announced a $4.1 million capital raising and management changes as it prepares to commercialise its Czech project.
The Canadian minerals explorer is working to develop the Chvaletice Manganese Project in the Czech Republic with the aim of sustainably producing manganese products for the lithium-ion battery industry, as well as to producers of speciality steel, high-technology chemicals and aluminium alloys.
The capital raising
Euro Manganese will undertake a two-tranche private placement for C$3.85 million (approximately A$4.1 million). This will comprise 11,979,682 shares and 51,145,605 CHESS depository interests (CDIs).
The first tranche will consist of 5,155,738 shares and 16,344,262 CDIs for C$1,311,500 (roughly A$1,389,620).
The second tranche of 6,823,944 shares and 34,801,343 CDIs for C$2,539,142 (around A$2,690,390) is subject to shareholder approval at a meeting to be held in August.
Funds from the placement will support the development of Chvaletice, including by advancing the feasibility study and environmental impact assessment, as well as other corporate purposes.
Changes to senior leadership
Additionally, as the company prepares for the commercialisation and financing phase of the project several changes to senior leadership have been made.
Company directors Roman Shklanka, Harvey McLeod and Daniel Rosicky will all move to strategic advisory roles.
Jan Votava will resign as a director, but will remain as the Managing Director of the company’s Czech subsidiary, Mangan Chvaletice.
The company has begun the search for two new independent directors and said that “several well-credentialed, experienced candidates have been identified.”
Euro Manganese shares are trading 2.9 per cent higher for seven cents each at 3:20 pm AEST.