Manganese X Energy Debt Settlement – Company Now Debt Free
January 10, 2017 (Source) — Manganese X Energy Corp. (TSX-V: MN) (FRA: 9SC2) (OTC PINK: 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.
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ON BEHALF OF THE BOARD OF DIRECTORS
Interim 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.
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