Euro Manganese closes second tranche of private placement as part of C$4.04 million capital raise

Euro Manganese Inc (ASX:EMN) has closed the second tranche of a private placement after receiving approval from shareholders at a general meeting on August 19. Tranche-2 comprised more than 6.823 million shares and more than 37.878 million CHESS depository interests (CDIs) at a price of C$0.061 per share and A$0.065 per CDI for proceeds of C$2.73 million. This took aggregate gross proceeds under the offering to around C$4.04 million and funds will be spent towards further progressing the Chvaletice Manganese Project in the Czech Republic. Canaccord Genuity Ltd acted as lead manager and bookrunner to the offer with Bacchus Capital Advisers Ltd acting as financial adviser to the company. Change of directors’ interest The company’s board of directors have demonstrated their confidence in the company’s corporate development and manganese strategy through participation in the placement. Director Dr David Dreisinger participated by acquiring 100,000 shares at C$0.061 per share in a direct interest, increasing the total number of securities held to more than 1.068 million. Director Gregory Martyr acquired 400,000 shares at A$0.065 per share with a value of A$26,000, increasing the total number of securities held after the change to 1.186 million in direct and indirect interests. President and CEO Marc Romero purchased 1 million shares at C$0.061 per share totalling C$61,000 and now holds 11.943 million shares in direct and indirect interests.