American Manganese Inc. (TSXV:AMY; PINKS:AMYZF;FRANK:2AM) has closed its non-brokered private-placement offering of 10,068,790 units at a purchase price of 14 cents per unit for aggregate gross proceeds of $1,409,631. Each unit comprises one common share in the capital of the company and one share purchase warrant. Each warrant entitles the holder to purchase one share at a price of 20 cents during the two years following the warrant’s date of issuance.

The offering was oversubscribed by $409,631 over the $1-million target initially contemplated for the private placement. The company intends to use the net proceeds from the offering for continued metallurgical testing of the company’s proprietary hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries, debt settlement and working capital.

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