Euro Manganese (ASX:EMN) upsized its ongoing placement to CA$9.8 million from CA$5.9 million due to "strong demand," according to a Wednesday filing with the Australian bourse.
Canadian billionaire Eric Sprott, through 2176423 Ontario, invested CA$3 million under a private placement. The European Bank for Reconstruction and Development also increased its commitment to roughly CA$3.9 million. Combined with other subscriptions, the company has now met the condition to raise CA$8 million.
Further, the company decided to cut the previously announced share purchase plan to up to AU$1.5 million, or around CA$1.4 million, subject to regulatory approval from the TSX Venture Exchange, the filing said.
Proceeds will be used for the ongoing development of the Chvaletice manganese project and customer engagements to secure more offtake term sheets and strategic investments.
The miner will conduct an annual and special general meeting at a rescheduled date of May 15 to approve the issuance of new securities and warrants under the placement and share purchase plan.
Euro Manganese's shares were up nearly 6% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.