Manganese X Energy Debt Settlement — Company Now Debt Free
Montreal, Quebec–(Newsfile Corp. – January 10, 2017) – Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: SNCGF) (the “Company”) is pleased to announce that it has received approval from the TSX Venture Exchange to issue 130,000 shares to various creditors at a deemed price of $0.50 per share, reducing the Company’s outstanding debt by $65,000. The 130,000 common shares have been issued, and will be subject to a four-month hold period ending April 13, 2017. The debt settlement is part of an ongoing reorganization of the Company that has resulted in the Company having reduced its debt by over $1 million by negotiation with suppliers who agreed to reduce and settle their debt for shares of the Company on average of $0.10 per dollar. The Company has no short or long term debt at the moment only current payables in line with normal operations.
Manganese X Energy’s 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 friendly green/zero emissions, while processing manganese at a lower competitive cost. For more information visit the website at www.manganesexenergycorp.com.
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.