Euro Manganese Inc. (EMN) has announced an upsize to its previously announced financing, driven by robust investor demand. The total financing has been increased from C$5.9 million to C$9.8 million (approximately A$10.8 million). This includes a significant private placement. Eric Sprott, through 2176423 Ontario Ltd., has committed C$3.0 million (A$3.3 million). The European Bank for Reconstruction and Development (EBRD) has increased its subscription to approximately C$3.9 million (A$4.2 million).
The Share Purchase Plan (SPP) for eligible ASX shareholders has been revised to up to A$1.5 million (C$1.4 million), with Orion Resource Partners committing to fund any shortfall up to this amount. The company’s annual and special meeting of shareholders has been rescheduled to May 15, 2025, to approve the issuance of new securities related to the placement and SPP.
Proceeds from the financing will support the ongoing development of the Chvaletice Manganese Project and customer engagements to secure additional offtake term sheets and strategic investments. Interim CEO Martina Blahova noted the strong support from existing and new investors, including Eric Sprott, highlighting the strategic importance of the Chvaletice Manganese Project to Europe’s critical minerals independence and supply chain security. The project has recently been designated as a Strategic Deposit by the Czech Republic and a Strategic Project under the EU’s Critical Raw Materials Act.
The placement consists of 54,578,350 New Securities and warrants. The SPP will include 7,692,307 New CDIs and warrants. Canaccord Genuity and Foster Stockbroking Pty Ltd are acting as Joint Lead Managers. The company has also agreed to issue additional warrants to Orion, subject to TSX-V approval. The financing remains subject to shareholder and regulatory approvals.
