Eric Sprott Announces Holdings in Manganese X Energy Corp.
Toronto, Ontario–(Newsfile Corp. – March 6, 2025) – Eric Sprott announces that, on March 5, 2025, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 57,142,857 common shares (Shares) and 28,571,428 Share purchase warrants (Warrants) of Manganese X Energy Corp. pursuant to the automatic conversion of 57,142,857 subscription receipts (Subscription Receipts) of Manganese X Energy acquired on January 29, 2025 through a private placement, at $0.035 per Subscription Receipt for total consideration of $2,000,000. Each whole Warrant entitles the holder to acquire one Share at $0.06 until 36 months from the date of issuance.
Prior to the conversion of Subscription Receipts, Mr. Sprott beneficially did not own or control any securities of Manganese X Energy except for the Subscription Receipts. Mr. Sprott now beneficially owns 57,142,857 Shares and 28,571,428 Warrants, representing approximately 26.6% of the outstanding Shares on a non-diluted basis and 35.2% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants, thereby requiring the filing of an early warning report.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Manganese X Energy address is 145 Rue Graveline, Saint Laurent, Québec, H4T 1R3. A copy of the early warning report with respect to the foregoing will appear on Manganese X Energy’s profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario, M5C 3C5).
About Manganese X Energy Corp.
Manganese X’s mission is to advance its Battery Hill project into production, thereby becoming the first public actively traded manganese mining company in Canada and US to commercialize EV Compliant High Purity Manganese, potentially supplying the North American supply chain. The Company intends on supplying value-added materials to the lithium-ion battery and other alternative energy industries, as well as striving to achieve new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost.
For more information visit the website at www.manganesexenergycorp.com
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
Martin Kepman
CEO and Director
Email: martin@kepman.com
Tel: 1-514-802-1814
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Manganese X, are forward-looking statements. Forward-looking statements in this news release relate to the Company’s goals and plans for 2024, including, among other items, its pilot plant project and PFS. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Manganese X, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. These risks, as well as others, are disclosed within the Company’s filings on SEDAR+, which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements. Manganese X does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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