Vancouver, British Columbia–(Newsfile Corp. – August 13, 2020) – Manganese X Energy (TSXV: MN) (OTC Pink: SNCGF) (FSE: 9SC2) has amended the terms and size of its recently announced non-brokered private placement. The company is now looking to raise gross proceeds of up to $1.5 million from the placement of up to 18,750,000 units priced at $0.08 per unit, subject to a minimum offering of $1 million. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.15 for 36 months.
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Of the proceeds raised, $1 million is slated for exploration and drilling at the company’s Woodstock Battery Hill Manganese project. The company’s 100% owned Woodstock Battery Hill property is located in Carlton County, New Brunswick and consists of 56 claims totaling 896 hectares. The Manganese deposits are located approximately 5 kilometers northwest of the town of Woodstock and are easily accessible from the Trans-Canada highway via all-weather roads. The property encompasses all or part of four Manganese zones, Iron Ore Hill, Moody Hill, Sharpe Farm and Maple Hill.
The company recently completed an updated National Instrument 43-101 Technical Report which stated that Metallurgical and Purification testing on the Battery Hill mineralization successfully demonstrated techniques capable of producing high purity manganese sulphate to 99.95%, with low contaminants, a level potentially sufficient for the use as a component in the production of EV and storage battery manufacturing.
Diamond drilling has been completed over a 1.8 kilometer strike length of the prospective manganese occurrence trend. Most holes intercepted significant grades and widths of manganese mineralization such as 10.75% manganese over 52.6 meters in SF-16-05, 12.96% manganese over 32.85 meters in SF-16-08 and 9.39% manganese over 74.0 meters in SF-17-18.
Martin Kepman, CEO, stated: “We are accelerating our efforts at capitalizing on our manganese asset. We have already validated the ore purity and acceptability for the EV space as well as the stored energy segment. Manganese is one of the leading battery metals amid the current renewable energy revolution.”
The company intends to commence a diamond drill program this fall, focusing on the Moody Hill sector, as well as an environmental baseline study as the project advances during 2020 – 2021. Upon successful completion of the programs recommended in the Technical Report, work will be initiated towards the completion of a Preliminary Economic Assessment.
To subscribe to the private placement, please use this link to Dealmaker.tech.
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