PERTH (miningweekly.com) – European manganese developer Euro Manganese has raised a combined C$8.6-million through a dual Canadian and Australian listing and initial public offering (IPO).
The company raised C$2.5-million in an IPO on the TSX-V exchange in Canada, placing 10-million common shares at a price of C$0.25 each.
Concurrently, Euro Manganese raised approximately C$6.1-million through an IPO on the ASX, of 25-million CHESS depository interest at a price of A$0.26 each.
Trading on both the ASX and the TSX-V started on Wednesday, under the symbol EMN.
“The successful completion of our dual IPO, in the world’s leading equity capital markets for our sector, is a noteworthy milestone,” said Euro Manganese president and CEO Marco Romero.
“It enables us to continue our steady progress towards the development of this strategic 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.”
Euro Manganese is developing the Chvaletic manganese project, in the Czech Republic, which has an indicated resource of 23.37-million tonnes at 7.4% manganese. The resource is hosted in tailings from a historical mining operation, which produced between 1951 and 1975.
The company is targeting the recycling of the manganese-bearing tailings using cleaner, proven and conventional technology.