Manganese X Announces Closing of Strategic Investment
Montreal, Quebec--(Newsfile Corp. - October 19, 2020) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2 (OTC Pink: MNXXF ) ("Manganese" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $1,530,000 through the issuance of 6,000,000 units (a "Unit" or "Units") of the Company at $0.255 per Unit (the "Offering") to a strategic investor. Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant") being exercisable into one Common Share at a price of $0.40 per share for a period of two (2) years following closing.
The net proceeds of the Offering will be used by the Company to finance and accelerate development of its patented HVAC (heating, ventilation and air conditioning) air management solution to combat bacteria and viruses. In addition, financing will be used for other technological initiatives under contemplation through subsidiary Disruptive Battery Corp. and for working capital.
The Offering is subject to final approval from the TSX Venture Exchange.
The Company'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, Manganese X Energy is striving to achieve new methodologies emanating from technologies for environmentally geographically ethical and 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
CEO and Director
Cautionary Notes: General and 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 is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of the Company and may not be relied upon in connection with the purchase or sale of any such security.
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Forward-looking information includes information including statements with respect to the future exploration performance of the Company. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to (i) adverse market conditions; (ii) risks inherent in the mining industry in general; (iii) the Exchange not approving the Offering; or (iv) risks generally associated with the Company's business, as described in the Company's public filings on SEDAR, which readers are encouraged to review in detail prior to any transaction involving the securities of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date.