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Canadian Manganese Reports Q1 2024 Financial Results and Grant of Stock Options
Toronto, Ontario – (Newsfile Corp. – May 15, 2024) – Canadian Manganese Company Inc. (CBOE CA: CDMN) (“CDMN” or the “Company“) reports its financial results for the first quarter ended March 31, 2024.
This press release should be read in conjunction with the Company’s condensed interim consolidated financial statements and associated management’s discussion and analysis for the three months ended March 31, 2024, which are available on the Company’s website at www.CanadianManganese. com or in the Company profile. at the www.sedarplus.ca.
FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024
During the first quarter of 2024, the Company continued its focus on advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits near Woodstock, New Brunswick.
During the first quarter, the Company recorded a loss of US$736,276. The loss included interest on convertible debt of $179,223, accrual expenses on convertible debt of $217,151, and corporate development expenses of $92,906. In the first quarter of 2023, the Company reported a loss of $492,804, corporate development expenses of $107,981 and investor relations expenses of $71,617.
As of March 31, 2024, the Company held exploration and evaluation assets with a carrying value of $17,444,529, including the Woodstock manganese project in New Brunswick with a carrying value of $10,411,827, and the Cobequid property IOCG of Nova Scotia subsidiary Mongoose with a book value of $7,032,702. (before a non-controlling interest of 59.5%).
On April 2, 2024, the Company agreed to grant a royalty of 3% of gross revenue on the Woodstock Project for $15,000,000 in cash. Closing is expected by the end of May 2024, after which the Company intends to fully redeem its outstanding principal amount of $5,000,000 convertible debentures, including repayment of all principal, accrued interest and early redemption fees .
GRANT OF STOCK OPTIONS
The Company also informs that it granted 3,000,000 incentive share options to directors, administrators and certain service providers, with rights vesting quarterly for two years. After vesting, each share option may be exercised at US$0.10 per share until May 14, 2029.
ABOUT CANADIAN MANGANESE
CDMN is a Canadian critical mineral development company that aims to become a supplier of high-purity manganese metal products to the rechargeable battery industry. CDMN maintains the Woodstock Project in New Brunswick.
For more information:
Investors@CanadianManganese.com
www.CanadianManganese.com
Matthew Allas: President and CEO +1 647 338 3748
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Cboe Canada has neither approved nor disapproved the contents of this press release and accepts no responsibility for the adequacy or accuracy of this release.
To view the original version of this press release, please visit https://www.newsfilecorp.com/release/209287