Manganese X Energy Corp.: A Major Milestone Achieved in its $2.1 Million Financing
Montreal, Quebec – March 6, 2025 – Manganese X Energy Corp. (MN, FSE: 9SC, TRADEGATE: 9SC), a leading manganese exploration and development company, is thrilled to share some exciting news with its investors and stakeholders. The Company has recently announced that the Escrow Release Conditions related to its $2,100,000 offering (the “Offering”) of 60,000,000 subscription receipts (each, a “Subscription Receipt”), at a price of $0.035 per Subscription Receipt, have been met. This significant milestone has resulted in two key outcomes:
Automatic Conversion of Subscription Receipts into Units
Firstly, the Subscription Receipts have been automatically converted into units of the Company (the “Units”). Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”).
Release of Escrowed Funds to the Company
Secondly, the Escrowed Funds, which amounted to $2,100,000, have been released to the Company. This financial boost will significantly contribute to the Company’s ongoing exploration and development efforts, especially in its flagship project, the Battery Hill Mine in Woodstock, New Brunswick.
Impact on Investors
For investors, this development marks a significant step forward for Manganese X Energy Corp. The successful closing of the Offering and the automatic conversion of Subscription Receipts into Units will increase the Company’s share capital, potentially leading to improved liquidity in the market. Moreover, the release of Escrowed Funds will provide the Company with the financial resources needed to advance its projects, potentially increasing shareholder value.
Impact on the World
On a larger scale, this development could have a positive impact on the world. Manganese X Energy Corp. is focused on the exploration and development of high-quality manganese deposits. Manganese is a critical component in the production of lithium-ion batteries, which are essential for electric vehicles (EVs) and renewable energy storage systems. By increasing its production capacity, Manganese X Energy Corp. can contribute to the global transition towards cleaner, more sustainable energy sources.
Conclusion
In conclusion, Manganese X Energy Corp.’s successful closing of its $2.1 million financing and the subsequent automatic conversion of Subscription Receipts into Units and release of Escrowed Funds are noteworthy achievements for the Company. These developments will provide a financial boost to Manganese X Energy Corp., potentially increasing shareholder value and contributing to the Company’s ongoing exploration and development efforts. Furthermore, the Company’s focus on manganese, a critical component in the production of lithium-ion batteries, positions it to play a role in the global transition towards cleaner, more sustainable energy sources. Stay tuned for more updates as Manganese X Energy Corp. continues to make strides in the manganese industry.
- Manganese X Energy Corp. successfully closes $2.1 million financing
- Subscription Receipts automatically converted into Units
- Escrowed Funds released to the Company
- Financial boost for ongoing exploration and development
- Contribution to the global transition towards clean energy
