Euro Manganese Announces Early Appointment of Chairman and Provides Financing Update
Highlights
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2025) - Euro Manganese Inc. (TSXV: EMN) (ASX: EMN) (FSE: E060) (the 'Company' or 'Euro Manganese') is pleased to announce that Mr. Rick Anthon has been appointed Chairman of the Board of Directors (the 'Board') as of April 11, 2025 (Vancouver). In addition, the Company is providing an update on the Company's previously announced upsized C$11.2 million (A$12.3 million) brokered unit private placement financing (the 'Financing').
Appointment of New Chairman
Mr. Anthon was originally expected to join the Board upon the closing of the Financing, which is now anticipated to close on or about May 22, 2025, subject to shareholder approval. However, his appointment has been brought forward following unanimous approval by the other directors. The Company's current Chairman, Mr. John Webster, is stepping down as Chairman but will remain on the Board and as Chair of the Audit Committee.
Mr. Anthon's appointment comes at a pivotal time for Euro Manganese as it advances the development of its Chvaletice Manganese Project. His addition to the Board brings decades of battery metals experience and reflects the Company's continued focus on building a strong leadership platform to support its role as a key contributor to Europe's battery materials supply chain.
Martina Blahova, Interim CEO of Euro Manganese, commented, 'Rick's early appointment reflects the confidence we've built with key stakeholders and our focus on execution. His depth of experience in the resource sector and proven leadership will be invaluable as we continue to scale the Chvaletice Project and deliver on our strategic priorities. On behalf of the Board, we would like to express our gratitude to John for his outstanding contribution to Euro Manganese during his tenure as Chairman, and his exceptional stewardship during these recent transformative years. We look forward to continuing to receive his guidance and support as a director and as Chair of the Audit Committee.'
Rick Anthon, Euro Manganese's new Chairman said, 'I am honoured to step into the role of Chairman at this important stage for Euro Manganese. The Company is exceptionally well-positioned to play a critical role in Europe's battery materials supply chain, and I look forward to working closely with the Board and management team to help drive the Chvaletice Project forward and create long-term value for all stakeholders. As I take on this new responsibility, I want to express my sincere appreciation to John for his exceptional leadership and unwavering dedication to Euro Manganese. His strategic vision and steady guidance have been instrumental in positioning the Company for the next stage of growth.'
During his tenure as Director of Corporate Development at Allkem Limited, Mr. Anthon led the company's corporate development activities while it evolved from a junior explorer to a major industry player, navigating a successful IPO and playing a key role in Allkem's A$16 billion merger with Livent to create Arcadium Lithium, now one of the world's largest lithium producers and a NYSE-listed company that is being acquired by Rio Tinto. He currently serves as Chairman of the Board at Savannah Resources, a European-focused lithium producer, as well as Chairman of Greenwing Resources Limited, which has lithium brine operations in Argentina and a graphite project in Madagascar. Mr. Anthon is also Chairman of Rapid Lithium Limited, which is focused on lithium exploration in South Dakota, and Non-Executive Director at Savannah Goldfields Limited.
John Webster, Euro Manganese's outgoing Chairman said, 'Serving as Euro Manganese's Chairman has been an honour. We have an extremely capable and enthusiastic management team, and with Rick joining as Chairman I am confident that this team will continue to execute on this next chapter of the Company's strategic vision and plans. I look forward to continuing to work with management and my fellow Board members to develop the Chvaletice Manganese Project and enhance value for all shareholders.'
Financing Update
TSX-V Conditional Approval
The Company also announces that the Financing has received conditional approval from the TSX Venture Exchange ('TSX-V'). The TSX-V's final acceptance of the Financing is conditional upon the Company satisfying the filing requirements set forth in the conditional approval letter.
Completion of the Financing is also conditional upon receipt of the necessary shareholder approvals to be obtained at the Company's upcoming Annual General and Special Meeting of shareholders (the 'Meeting') to be held virtually on May 15, 2025. The Company will mail Meeting materials to shareholders in due course and encourages all shareholders to vote in advance of the Meeting by returning their proxy or voting instruction form.
Share Purchase Plan ('SPP')
The Company also confirms a revised launch date of the SPP for later in April (see below), details of which were initially announced on March 6, 2025, and initially updated on April 1, 2025, for aggregate gross proceeds of A$1.5 million (approximately C$1.4 million). On April 1, 2025, Orion OMRF (BK) LLC ('Orion') agreed that if there is a shortfall between the maximum amount of the SPP and the total number of securities taken up under the SPP, Orion will subscribe for the securities up to a maximum of A$1.5 million on the same terms as the SPP, subject to regulatory requirements, any required regulatory and shareholder approvals and completion of the Financing and SPP.
Updated Indicative Financing Timetable
The indicative timetable for the SPP has been revised as set out below:
About Euro Manganese
Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec.
The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.
Euro Manganese is dual listed on the TSX-V and the ASX.
www.mn25.ca
Authorized for release by the Interim CEO of Euro Manganese Inc.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) or the ASX accepts responsibility for the adequacy or accuracy of this release.
Enquiries
Martina Blahova
Interim Chief Executive Officer
+1 (604) 681-1010
[email protected]
Neil Weber
LodeRock Advisors
Investor and Media Relations - North America
+1 (647) 222-0574
[email protected]
Jane Morgan Management
Jane Morgan
Investor and Media Relations - Australia
+61 (0) 405 555 618
[email protected]
Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
Website: www.mn25.ca
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Forward-Looking Statements
Certain statements in this news release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as 'may', 'would', 'could', 'will', 'intend', 'expect', 'believe', 'plan', 'anticipate', 'estimate', 'scheduled', 'forecast', 'predict' and other similar terminology, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-Looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.
Such forward-looking information or statements also include, but are not limited to, statements regarding the Company's intentions regarding the development of the Chvaletice Project, the ability of the Company to scale the Chvaletice Project and deliver on strategic priorities and create long-term value for all stakeholders, statements regarding the terms of the Financing, including completion thereof, the anticipated closing date of the Financing, receipt of the final regulatory and shareholder approvals for the Financing and the SPP, the holding of the Meeting, the terms of the SPP, including completion thereof, and issuance of the SPP Prospectus.
All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company including that the Chvaletice Project will be developed and operate in accordance with current plans, that the Company will be able to raise the financing that it requires, and that it will meet conditions of its secured credit facility. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks and uncertainties related to maintaining necessary licenses or permits; risks related to acquisition of surface rights; securing sufficient offtake agreements; the availability of acceptable financing, and risks related to granting security; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; and risks related to fluctuations in currency exchange rates, changes in laws or regulations; and regulation by various governmental agencies. For a further discussion of risks relevant to the Company, see 'Risk Factors' in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at www.sedarplus.ca.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248317
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