Euro Manganese Inc. Completes IPO for Dual Listing in Canada and Australia, Commences Trading on TSX-V and ASX



  • Euro Manganese Inc. raises approximately CAD$ 8.6 million (~AUD$9.2 million) comprised of CAD$2.5 million under a Canadian Offering and AUD$6.5 million under an Australian Offering
  • IPO strongly supported by new and existing domestic and international investors
  • Euro Manganese Inc. is targeting the development of one of Europe’s largest manganese resources at the Chvaletice Manganese Project in the Czech Republic
  • Focus is on production of ultra-high-purity and environmentally superior manganese products in close proximity to a major emerging European cluster of lithium-ion battery industries
  • Trading debut on 2nd October 2018 at 10:00am (Sydney time) on the Australian Securities Exchange and at 6:30am (Vancouver time) the TSX-Venture Exchange in Canada

VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) --  Euro Manganese Inc. ("EMN" or the "Company") has closed its initial public offering on the TSX-Venture Exchange in Canada of 10,000,000 common shares of the Company ("Common Shares") at a price of CAD$0.25 per share, for aggregate gross proceeds of CAD$2,500,000 (the "Offering").  Concurrently, the Company successfully completed an initial public offering on the Australia Securities Exchange ("ASX") of 25,000,000 CHESS Depository Interests (each, a "CDI" and each CDI representing one fully paid Common Share), at a price of AUD$0.26 per CDI, for gross proceeds of AUD$6,500,000 (approximately CAD$6,100,000) (the "Australian Offering").  Gross proceeds to the Company from the Offering and Australian Offering were approximately CAD$8,600,000.

The Company has been admitted to the ASX, and its CDIs began trading on the ASX on October 2, 2018 (Australia time) under the trading symbol "EMN". The Common Shares will commence trading on the TSX-V at market open, on October 2, 2018 (Canada time), also under the trading symbol "EMN".

The Company is advancing the evaluation and development of the Chvaletice Manganese Project, located in the Czech Republic (the “Project”), in which it holds a 100% interest. The Project contains one of Europe’s largest manganese deposits, hosted in tailings from historical mining and milling operations. The Project leverages excellent surrounding infrastructure and a strategic location in the heart of Europe, where consumption of high-purity manganese products is widely expected to expand significantly in the coming decade, driven by demand from the continent’s major emerging electrical vehicle and lithium-ion battery industries, and by the high-performance steel and aluminum alloy industries.

The Czech Republic, a member of the European Union, is a modern, stable and sophisticated country, with comprehensive business, investment and environmental laws. EMN expects that the proposed recycling and reprocessing of the Chvaletice tailings will result in the environmental remediation of this site, bringing it into compliance with current Czech and EU standards and regulations. The Company seeks to work closely with neighbouring communities to achieve positive outcomes for their residents.

The Company’s board and management team are experienced company builders and have uniquely complementary skills in exploration, financing, project development and operations. Its management team has a strong track-record and reputation for excellence in environmental practices and corporate social responsibility.

Canaccord Genuity Corp. acted as agent for the Offering in Canada and Canaccord Genuity Australia Limited managed the Australian Offering.

Marco Romero, EMN’s President and CEO stated:

“The successful completion of our dual IPO, in the world’s leading equity capital markets for our sector, is a noteworthy milestone for EMN. It enables us to continue our steady progress towards the development of this strategic manganese resource in the heart of Europe. It brings us one step closer to our goal of becoming a highly-competitive, reliable and environmentally superior supplier of ultra-high-purity manganese products, satisfying the requirements of the most demanding customers .

“Our timing and the location of our Project appear to be excellent. European and international demand for high-purity manganese products used in the leading lithium-ion battery formulations is increasing rapidly. There are significant sums being invested or expected to be invested in the development of battery and battery precursor plants in Europe that require high-purity manganese inputs. This is particularly evident with the lithium-ion battery and precursor materials production capacity and plans for its growth that have emerged in recent times in Germany, Poland, Belgium, Hungary, Austria, Sweden and Finland. We also see significant market opportunities outside Europe.”

“We are paying great attention to detail in everything we do, continuously striving to achieve very high technical, commercial, environmental and social standards.”

About Euro Manganese Inc.

Euro Manganese Inc. is a Canadian mineral resource company, whose principal focus is the evaluation and development of the Chvaletice Manganese Project, which entails re-processing a significant manganese deposit hosted in historic mine tailings, strategically-located in the Czech Republic. The Company's goal is to become a leading, competitive and environmentally superior supplier of ultra-high-purity manganese products, serving the lithium-ion battery industry, as well as producers of specialty steel and aluminum alloys.

About the Chvaletice Manganese Project:

Chvaletice is one of Europe’s largest manganese resources, hosted in tailings from 1951-1975 historical mining and milling operations. No hard mining, crushing or milling are expected to be required for their extraction. Manganese occurs at Chvaletice predominantly as highly soluble minerals, amenable to conventional hydrometallurgical processes.

The Company’s 2017 drilling program served as the base for a CIM compliant Resource Estimate that reported an indicated resource of 23.37 million tonnes grading 7.4% manganese (excluding inferred resources). The Company is targeting the recycling of the Chvaletice manganese-bearing tailings using cleaner, proven and conventional technology.  By reprocessing the tailings and implementing a progressive reclamation program on the site, the Company intends to remediate the site and to bring it into compliance with Czech and European environmental regulations and standards.

An extensive metallurgical test work and process design program has been underway since early 2016. Pilot-plant test runs were recently concluded.  An updated resource estimate, following a summer 2018 drilling program, is expected to be published by Tetra Tech Canada Inc. later this quarter, to be followed by a Preliminary Economic Assessment.  The Company, through its Czech operating subsidiary obtained its Preliminary Mining Permit for the Project in April 2018, has completed two years of baseline environmental studies and groundwater monitoring, and expects to file its definitive Environmental Impact Assessment in the first half of 2019. 

The Chvaletice Manganese Project is located 90km from Prague, in the Czech Republic, a tier-one jurisdiction with excellent infrastructure, including rail, highway, natural gas and water, and adjacent to a major power plant at a key node in the Czech national electrical grid.

Mr. Gary Nordin, Chief Geologist for Euro Manganese Inc., serves as ‘Qualified Person’ as defined in NI 43-101 and has approved the scientific and technical information contained in this news release.

Cautionary Notes:

No securities regulatory authority has either approved or disapproved of the contents of this news release.

The Common Shares and CDIs have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the Common Shares and CDIs may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of EMN in any jurisdiction in which such offer, solicitation or sale would be unlawful.


Marco A. Romero,
President & CEO
(604)-681-1010 ext. 101  

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