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Euro Manganese to Complete Buy Back of 1.2% NSR in Chvaletice Manganese Project

Highlights:

  • Euro Manganese to settle the balance of the outstanding amounts due under the Royalty Termination Agreements with payment of US$1.8 million in cash and the issuance of 4,820,109 common shares valued at CAD$2,278,080 (US$1.8 million)

VANCOUVER, British Columbia, Jan. 24, 2022 (GLOBE NEWSWIRE) --  Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (the “Company” or “EMN”) is pleased to announce that, further to its announcement of May 31, 2021, it intends to issue 4,820,109 common shares ("Shares") as partial consideration to purchase and extinguish the aggregate 1.2% net smelter royalty ("NSR") interest in the Chvaletice Manganese Project.

Pursuant to the royalty termination agreements (the "Royalty Termination Agreements") dated May 31, 2021, the Company agreed to purchase the NSR interest from three arm’s-length parties for aggregate consideration of US$4.5 million, of which US$900,000 was paid on signing of the Royalty Termination Agreements. The balance is intended to be repaid on or before January 31, 2022, by a combination of US$1,800,000 (approx. $2,278,000) in cash and the issuance of 4,820,109 Shares at a price of CAD$0.47262 per share (the "Share Consideration") valued at $2,278,080 (US$1,800,000 based on the Bank of Canada’s USD / CAD exchange rate on January 24, 2022).

The Share Consideration is subject to approval of the TSX Venture Exchange ("TSXV").  In accordance with Canadian securities laws and policies of the TSXV, Shares issued as the Share Consideration will be subject to a four month and one day statutory hold period.

About Euro Manganese Inc.

Euro Manganese Inc. is a battery materials company whose principal focus is advancing the development of the Chvaletice Manganese Project, in which it holds a 100% interest. The proposed Project entails re-processing a significant manganese deposit hosted in mine tailings from a decommissioned mine, strategically located in the Czech Republic. The Company’s goal is to become a leading, competitive and environmentally superior primary producer of ultra-high-purity Manganese Products in the heart of Europe, serving the lithium-ion battery industry, as well as other high-technology applications. 

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Euro Manganese to Complete Buy Back of 1.2% NSR in Chvaletice Manganese Project Highlights: Euro Manganese to settle the balance of the outstanding amounts due under the Royalty Termination Agreements with payment of US$1.8 million in cash and the issuance of 4,820,109 common shares valued at CAD$2,278,080 (US$1.8 million) …

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