Manganese X Energy Corp. Announces Closing of Final Tranche of Private Placement Financing
February 23, 2017 (Source) — Manganese X Energy Corp. (TSX-V: MN) (FSE: 9SC2) (OTC PINK: SNCGF) (the “Company“) is pleased to announce that it has completed the final tranche of the previously disclosed (see news release dated January 25, 2017 and January 31, 2017) non-brokered private placement financing (the “Financing“). This tranche consisted of 3,000,000 “flow-through” shares (“FT Shares“) at a price of $0.15 per FT Shares for gross proceeds of $450,000.00. 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.
First Republic Capital Corporation (“First Republic“) acted as the lead finder for the Financing. A cash fee was paid to finders representing 8% of the gross proceeds raised in the Financing. Additionally, finders received that number of compensation warrants (“Compensation Warrants“) totaling 8% of the number of FT Shares sold pursuant to the Financing. The Compensation Warrants are exercisable at a price of $0.15 per shares for a period of 24 months after the closing of the Financing. First Republic was paid a corporate finance fee representing 2% of the gross proceeds raised in the Financing and that number of Compensation Warrants equaling 2% of the number of FT Shares sold in the Financing.
About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese 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 from environmentally friendly green/zero emissions, 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
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