RETRANSMISSION: Manganese X Energy Corp. Announces Closing of $2.1 Million Non-Brokered Private Placement with Participation of Eric Sprott

Core Points - Manganese X Energy Corp. successfully closed a non-brokered private placement, raising gross proceeds of $2.1 million through the issuance of 60 million subscription receipts at a price of$0.035 each [1][2] - The proceeds will be held in escrow until necessary shareholder and regulatory approvals are obtained, including the creation of a new "Control Person" under TSX Venture Exchange policies [2][4] - Upon receiving approvals, each subscription receipt will convert into one unit, consisting of one common share and one-half of a share purchase warrant, with the warrant allowing the purchase of additional shares at $0.06 each within 36 months [3][5] Investment Details - Eric Sprott, through 2176423 Ontario Ltd., invested$2 million by subscribing for 57,142,857 subscription receipts, which will represent 26.63% of the outstanding shares (non-diluted) and 35.25% (partially diluted) upon conversion [5] - A shareholder meeting is scheduled for February 28, 2025, to approve Mr. Sprott as a new Control Person of the Company [6] Use of Proceeds - The net proceeds from the offering are intended to advance the Battery Hill Project in New Brunswick, including completing a pre-feasibility study, with some funds allocated for general working capital [7] - The offering utilized the TSXV's Minimum Price Exception, allowing issuances below $0.05 per subscription receipt [7] Company Overview - Manganese X aims to advance its Battery Hill project into production, becoming the first publicly traded manganese mining company in Canada and the US to commercialize high-purity manganese for the EV market [8]