Global Partner Search Process Launched with Bacchus Capital Advisers
Vancouver, Canada (May 28, 2020) – Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”), holder of 100% of the rights to Chvaletice Manganese Project (the “Project”) in the Czech Republic, is pleased to announce that it has initiated a process with its financial adviser, Bacchus Capital Advisers (“BCA”), to secure a strategic partner to assist with the development of the Project.
The Company has received expressions of interest from various parties to partner in the development of the Project and, as a result, the board of directors of the Company (the “Board”) believes that it is in the best interest of all of our stakeholders to launch a formal global partner search to find an optimal ownership and/or capital structure that can support the advancement of this important European waste recycling project.
The Chvaletice Manganese Project represents a sizeable, globally significant, and advanced stage development opportunity that is expected to sustainably and competitively deliver battery-grade, high-purity manganese products. This Project is highly strategic due to its well-connected location in the heart of Europe’s fast-growing electric vehicle and battery production supply chain. Chvaletice stands to become Europe’s only primary producer of high-purity manganese products. Development of this resource is expected to have a significant positive impact on the future of European sustainable battery manufacturing.
EMN and BCA will evaluate all available options for the advancement and development of the Project, to deliver maximum value of this strategic asset for the Company’s shareholders. The Company looks forward to updating shareholders and other stakeholders as to the results of this process.
The Company confirms that while it has received initial approaches from certain parties, it is not in receipt of any binding offer at this time. There can be no certainty that this process will result in an offer or any form of transaction, or about the terms and timing of such matters.
Any interested party wishing to participate in this process should contact BCA directly (contact details as set out below).
The Board reserves the right to alter any aspect of the process as outlined above or to terminate the process at any time and, in such cases, will make further announcements as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.
EMN does not intend to disclose developments with respect to this strategic process unless the Board has approved a specific transaction, or otherwise determines that disclosure is necessary or appropriate.