On February 10, 2022, Euro Manganese Inc. closed a strategic equity investment by the European Bank for Reconstruction and Development by way of a private placement of 17,800,000 common shares at a price of $0.4775 per common share for aggregate gross proceeds of approximately $8.5 million. As a result of the private placement, the European Bank for Reconstruction and Development holds approximately 4.4% of the issued and outstanding common shares of Euro Manganese, on a non-diluted basis.
The proceeds from the investment will finance the Chvaletice Manganese Project in the Czech Republic.
Cassels acted for Euro Manganese.