Manganese X Energy Corp. Announces Closing of Oversubscribed Private Placement Financing
Montreal, Quebec–(Newsfile Corp. – February 20, 2018) – Manganese X Energy Corp. (TSXV: MN) (FSE:9SC2) (OTC Pink: SNCGF) (the “Company”) is pleased to announce it has completed a non-brokered private placement financing (the “Financing”) as previously announced on February 7, 2018, and increased the Financing from $750,000 to $792,750. Pursuant to the Financing, the Company issued 5,285,000 units (“Units”) of the Company at a price of $0.15 per Unit to raise aggregate proceeds of $792,750. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant will entitle its holder to purchase one additional common share at an exercise price of $0.25 for a period of two (2) years from the closing date of the private placement.
All securities issued in connection with the Financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
The proceeds of funds will be used for exploration, growth, research and development, marketing, and general working capital purposes.
About Manganese X Energy
Manganese’s X mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. In addition our company is striving to achieve new methodologies emanating from environmentally and geographically ethical and friendly green/zero emissions technologies, while processing manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
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. We seek safe harbor.