Manganese X Energy Corp. announces private placement financing

Manganese X Energy Corp. has arranged an offering – on a non-brokered private placement basis – of 9,015,958 flow-through units (each, a “FT Unit“) at a price of $0.23 per FT Unit for aggregate proceeds of $2,073,670.34.

Each FT Unit shall consist of one common share of the Company that qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada) and one-half of one common share purchase warrant of the Company, whereby each whole common share purchase warrant of the Company shall entitle the holder thereof to purchase a non-flow through common share of the Company at an exercise price of $0.32 for a period of 24 months from the date of issuance.

Proceeds from the offering shall be used for Canadian Exploration Expenses (“CEE”) and “flow-through mining expenditures” as defined in the Income Tax Act (Canada) to be incurred on or before December 31, 2023, and renounced with an effective date no later than December 31, 2022, to the initial subscribers of the FT Units in an aggregate amount not less than the Proceeds.

All securities issued in connection with the Offering will be subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of closing of the Offering. Subject to receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange, Manganese X anticipates that the Offering will be closing in mid-December 2022. Finder’s fees payable to certain qualified finders will be applicable.


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