Euro Manganese has successfully closed an C$11.2 million financing package, earmarked for the ongoing development of its Chvaletice Manganese Project. The European Bank for Reconstruction and Development (EBRD) and prominent Canadian investor Eric Sprott have emerged as significant shareholders through their participation in this funding round. Canaccord Genuity (Australia) and Foster Stockbroking served as joint lead managers and bookrunners for the financing.
The net proceeds will support various strategic objectives, including securing additional offtake term sheets, attracting strategic investments, operating the demonstration plant to showcase the company’s product to potential customers, and advancing the project’s permitting process. Notably, Sprott now holds 11.7% of the outstanding shares on a non-diluted basis and 20.9% on a partially diluted basis, signaling a strong belief in the company’s long-term prospects. The EBRD’s continued investment reinforces its commitment to the Chvaletice Project, which aims to supply high-purity manganese products to the rapidly growing European electric vehicle and lithium-ion battery industries. These high-purity products are critical raw materials for lithium-ion batteries, and their demand is increasing rapidly, especially within Europe.
