Manganese X Completes Investment into Mountain Spring Oil and Gas Limited
October 12, 2018
Montreal, Quebec--(Newsfile Corp. - October 11, 2018) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (the "Company" or "Manganese X") is pleased to announce that on Tuesday October 9th 2018 the board of directors of Manganese X approved the purchase of 750,000 shares by way of a private placement at $1 a share. This represents ownership of 15% of Mountain Spring Oil and Gas Limited ("MSOG") by Manganese X. Subsequent to this event Manganese X was given the opportunity to purchase additional shares into MSOG. Talks are ongoing. Manganese X will update the shareholders next week.
Manganese X is pleased to announce a non-brokered non-commissioned private placement financing to raise up to $400,000 (the "Offering"). The Offering consists of 2 million flow-through" shares ("FT Shares") at a price of $0.20 per share to raise aggregate proceeds of up to $400,000, It is currently anticipated that certain principals and insiders of the Company may participate in the Offering. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange and the securities regulatory authorities. There can be no assurance that the Offering will be completed, whether in whole or in part. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period. Proceeds from the Offering will be used for exploration in our Peter Lake property as well as our Battery Hill property.
About Manganese X Energy
Manganese X Energy's mission is to acquire and advance high potential manganese as well as additional mineral prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information