Euro Manganese Announces C$3.85 Million Private Placement and Board Restructuring

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• EMN raises C$3.85 Million (A$4.1 Million) with strong support from existing shareholders, directors and management
  
• Company initiates board restructuring to set stage for commercial development of the Chvaletice Project

VANCOUVER, British Columbia, July 05, 2020 (GLOBE NEWSWIRE) -- Euro  Manganese Inc. (TSX-V / ASX:  EMN)  (the "Company" or "EMN") is pleased to announce a private placement (the "Offering") of 11,979,682 common shares ("Shares") and 51,145,605 CHESS Depositary Interests ("CDIs", with each CDI representing one Share), at a price of C$0.061 per Share or A$0.065 per CDI , for aggregate gross proceeds of approximately C$3.85 million (A$4.1 million) (the "Offering"). Net proceeds of the Offering will be used by the Company to further progress its Chvaletice Manganese Project in the Czech Republic (the “Project”), including advancing the feasibility study and Environmental Impact Assessment and for other general corporate purposes.

In addition, the Company has begun a board restructuring process where it is intended for Roman Shklanka, Harvey McLeod and Daniel Rosicky to assume strategic advisory roles, and for two new independent directors to be appointed to the board of directors. John Webster, Greg Martyr, David Dreisinger and Marco Romero will continue as directors of the Company. The search for new independent directors has already been initiated and several well-credentialed, experienced candidates have been identified.  The restructuring of the board is intended to set the stage for the next phase of corporate development of the Company, which will focus on preparing the Project for commercial development and financing, subject to the completion of a positive feasibility study and to making a final investment decision. The Company thanks Roman Shklanka, Harvey McLeod and Daniel Rosicky for their important contributions to the advancement of the Project over the last five years and looks forward to continuing to work with them in their new roles.  Mr. Jan Votava will also resign as a director, but will remain a key member of the executive team as Managing Director of Mangan Chvaletice s.r.o., the Company’s Czech subsidiary.