RETRANSMISSION: 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 converted $2.1 million in subscription receipts into units, with significant investment from Eric Sprott, marking a key step in advancing its Battery Hill Project [1][2][4]. Group 1: Offering Details - The company closed a $2,100,000 offering of 60,000,000 subscription receipts at a price of $0.035 each on January 28, 2025 [1]. - 57,142,857 subscription receipts were issued to 2176423 Ontario Ltd., controlled by Eric Sprott, generating gross proceeds of $2,000,000 [2]. - Each unit consists of 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: Escrow Release Conditions - The escrowed funds were released to the company after satisfying the escrow release conditions, which included shareholder and TSX Venture Exchange approval for Eric Sprott to become a control person [4]. - The company secured shareholder approval during its annual and special meeting on February 28, 2025 [4]. Group 3: Use of Proceeds - Proceeds from the offering will support the advancement of the Battery Hill Project, including a pre-feasibility study, with some funds allocated for general working capital [6]. - The company confirmed that no proceeds will be used for payments to non-arm's length parties or investor relations activities [6]. Group 4: Company Mission - 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 [7]. - The company intends to supply value-added materials to the lithium-ion battery and alternative energy industries while pursuing carbon-friendly methodologies and competitive cost processing [7].