Euro Manganese (ASX:EMN) received firm commitments to raise CA$5.9 million through the issue of roughly 94.1 million shares and 72.7 million CHESS depositary interests (CDIs) at CA$0.036 per security, according to a Thursday filing with the Australian bourse.
The company will also offer eligible shareholders the opportunity to subscribe for up to AU$30,000 worth of new CDIs, raising up to CA$3.6 million through a share purchase plan offer without brokerage fees, the filing said.
Additionally, eligible shareholders will receive a warrant to purchase an additional CDI for every new security subscribed for under the share purchase plan.
Proceeds will be used to develop the Chvaletice project in the Czech Republic and to secure additional offtake term sheets and investments.
Euro Manganese's shares fell nearly 20% in midday trade Friday.
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