Manganese X Energy Corp. Announces Conversion of Subscription Receipts from $2.1 Million Private Placement, Including Investment from New Control Person Eric Sprott

Core Viewpoint - Manganese X Energy Corp. has successfully closed a $2.1 million offering, converting subscription receipts into units and releasing escrowed funds to advance its Battery Hill Project in New Brunswick [1][2][4]. Group 1: Offering Details - The offering consisted of 60,000,000 subscription receipts priced at$0.035 each, resulting in gross proceeds of $2,100,000 [1]. - A significant portion of the offering, 57,142,857 subscription receipts, was issued to 2176423 Ontario Ltd., controlled by Eric Sprott, for gross proceeds of$2,000,000 [2]. - Each unit from the offering includes one common share and one-half of a share purchase warrant, with the whole warrant allowing the purchase of an additional share at $0.06 for 36 months [3]. Group 2: Use of Proceeds - Proceeds from the offering will primarily support the advancement of the Battery Hill Project, including the completion of a pre-feasibility study, with some funds allocated for general working capital [6]. - The company confirms that no proceeds will be used for payments to non-arm's length parties or investor relations activities [6]. Group 3: Company Mission and Goals - Manganese X aims to become the first publicly traded manganese mining company in Canada and the US to commercialize high purity manganese for the EV supply chain [7]. - The company is focused on supplying value-added materials to the lithium-ion battery and alternative energy industries while striving for more efficient and carbon-friendly processing methodologies [7].