Canadian Manganese Company Inc. has announced an update on the royalty purchase transaction with Leventis Capital Pte Ltd. for its Woodstock Manganese Project. The initial plan was for Leventis to purchase a 3% gross revenue royalty in one tranche for US$15,000,000. However, the parties have now decided to split the purchase into two transactions, with Leventis acquiring 1.5% for US$7,500,000 initially and the remaining 1.5% at a later date.
This change also includes an amendment to the royalty agreement, allowing the Company the option to permanently reduce the gross revenue royalty to 1.5% and the repurchase payment from US$22,500,000 to US$11,250,000 until the full US$15,000,000 is received. The Company plans to redeem Cdn$5,000,000 of convertible debentures upon receipt of the US$7,500,000 purchase price.
Canadian Manganese is a mineral development company focused on supplying high-purity manganese metal products for the rechargeable battery industry. The Company holds the Woodstock Project in New Brunswick.
For more information, investors can contact investors@CanadianManganese.com or reach out to President and CEO Matthew Allas at +1 647 338 3748. Additional information on Canadian Manganese is available at www.CanadianManganese.com.
Forward-looking statements included in this press release highlight the Company’s business plans and expectations. Risks and uncertainties associated with the mining industry and economic factors may impact the actual outcomes. Canadian Manganese does not guarantee the accuracy of forward-looking statements and undertakes no obligation to update them.
