Mineral developer Canadian Manganese Company (CMC) on Friday announced an agreement with Maximos Metals as part of its vision to create a new technology metals company.
Maximos holds nickel and cobalt interests in Labrador, while CMC owns the Woodstock manganese property in New Brunswick.
The new technology metals company’s immediate focus would be on the Woodstock manganese project, which hosts the near-surface, Plymouth carbonate-hosted manganese deposit containing an inferred resource of 44.77-million tonnes, grading 9.85% manganese.
Manganese has been identified by the Canadian and US governments as a critical mineral that is essential for the national defence, aerospace, technology and energy sectors.
Meanwhile, CMC also announced that it would complete a private placement equity finance through an offering of subscription receipts at C$0.30 a flow-through receipt and C$0.225 a non-flow-through receipt. The company said it had received subscriptions for at least C$5-million.