Euro Manganese Inc. announced that it has entered into of a strategic investment agreement for private placement of 17,800,000 common shares for CAD 0.4775 per share for gross proceeds of CAD 8,499,500 on January 3, 2022. The transaction will include participation from new investor European Bank for Reconstruction and Development for approximately 4.5% stake in the company. The company will pay a cash finder fee of CAD 254,985, being 3% of the gross proceeds of the placement to EIT InnoEnergy.

The placement is subject to normal and customary conditions precedent including the acceptance of the TSX Venture Exchange. The common shares to be issued pursuant to the placement will be subject to a hold period expiring four months and one day from the closing of the placement, in accordance with Canadian securities laws. The investor entered into strategic investment agreement with the company.