Euro Manganese Inc (ASX:EMN) EMN Announces Upsizing to Previously Announced Financing

2 April 2025
Vancouver, Canada / Sydney, Australia

Euro Manganese Upsizes Financing to C$11.2M (A$12.3M) Following Strong Demand; Eric Sprott and EBRD Increase Participation

Euro Manganese Inc. (TSX-V and ASX: EMN; Frankfurt: E06) (“Euro Manganese” or the “Company”) is pleased to announce an upsizing of its previously announced equity financing to up to C$11.2 million (approximately A$12.3 million), including a strategic private placement from renowned resource investor Eric Sprott.

The upsized equity raising now includes:

• An increase of the placement component from C$5.9 million (A$6.5 million) to C$9.8 million (A$10.8 million), exceeding the minimum C$8 million condition;
  
  

• A C$3.0 million (A$3.3 million) investment from Eric Sprott through 2176423 Ontario Ltd.;
  
  

• An increased subscription from the European Bank for Reconstruction and Development (EBRD) to approximately C$3.9 million (A$4.2 million);
  
  

• A revised Share Purchase Plan (SPP) of up to A$1.5 million (C$1.4 million), with Orion Resource Partners agreeing to underwrite any shortfall.
  
  

The proceeds will support continued development of the Company’s flagship Chvaletice Manganese Project in the Czech Republic, as well as advancing offtake and strategic investment discussions.

Martina Blahova, Interim CEO of Euro Manganese, commented:

"We are extremely pleased with the robust support demonstrated by both our existing shareholders and new investors, including the notable participation of Mr. Eric Sprott. This strong response, alongside the continued support from EBRD and Orion, underscores the strategic significance of the Chvaletice Manganese Project to Europe's critical minerals independence and supply chain security, a conviction further reinforced by the recent designation of the Chvaletice Manganese Deposit as a Strategic Deposit by the government of the Czech Republic and the Project's recognition as a Strategic Project under the EU's Critical Raw Materials Act."

Placement Details

The Placement comprises 54.6 million New Securities (post-consolidation), including New Shares and CHESS Depositary Interests (CDIs), alongside 54.6 million Warrants. Participants include EBRD, Eric Sprott, directors of the Company, and other institutional investors. Warrants will have an 18-month term with an exercise price of C$0.225.

The Company will seek shareholder approval for the issuance of New Securities, Warrants, and related Broker Warrants at its rescheduled Annual and Special General Meeting on 15 May 2025.

Share Purchase Plan and Broker Participation

The SPP offers eligible ASX shareholders the opportunity to invest up to A$1.5 million. Orion Resource Partners has agreed to fund any shortfall under the SPP, with all securities to be issued subject to TSX-V and shareholder approval.

Joint Lead Managers Canaccord Genuity (Australia) Limited and Foster Stockbroking Pty Ltd will receive a 6% cash fee and 12% broker warrants on applicable proceeds raised (excluding EBRD participation).

EBRD Ownership

Following completion of the upsized financing, EBRD’s ownership in the Company is expected to increase from 4.42% to 17.48%, and potentially up to 19.96% on a fully diluted basis, subject to TSXV and shareholder approvals.

About us:

Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec.

The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.

 Euro Manganese is dual listed on the TSXV and the ASX and is also traded on the OTCQB.

Contact details:

Jane Morgan

jm@janemorganmanagement.com.au