On November 2, 2020 Manganese X (MN.V) announced
that The TSX
Venture Exchange has processed documentation with respect
to a non-brokered private placement first announced Oct. 13,
2020.
- Number of shares: six million
- Purchase price: 25.5 cents per share
- Warrants: six million share purchase warrants to purchase
six million shares
- Warrant initial exercise price: 40 cents
- Warrant term to expiry: two years
According to the Oct
13, 2020 news release MN “intends to use the net proceeds
of the offering to fund and accelerate development of its patented
HVAC air management solution to combat bacteria and viruses.”
In addition, funding will be used for other technological
initiatives under contemplation through the subsidiary, Disruptive
Battery Corp. and for working capital.
No finder’s fees were paid in connection with the offering.
From August 16, 2020 to September 16, 2020 (30 days), MN ran
hard from .09 to .96.
Since mid-October, the MN stock price has flat-lined in the mid
.30s.
The below-current-market-price PP, combined with the pivot into
HVAC Delivery Systems raised a few eyebrows.
According to its latest press release, MN currently has two
missions:
- to acquire and advance high potential manganese mining
prospects located in North America with the intent of supplying
value added materials to the lithium ion battery and other
alternative energy industries.
- to achieve new methodologies emanating from environmentally
and geographically ethical and friendly green/zero emissions
technologies, while processing manganese at a lower competitive
cost.
On Thursday, October 29, 2020 MN announced that its
subsidiary Disruptive Battery Corp. “confirms
a Definitive Agreement is being finalized for a USA
patented PureBiotics HVAC Delivery System for virus and bacteria
mitigation”.
In parallel, the ongoing process also involves a protocols-based
testing agreement with a recognized US based University.
MN believes that the PureBiotics HVAC Delivery System offers a
safe and effective biological solution for air and surface
environmental control for healthier homes and
buildings.
“We are diligently assembling all the moving pieces in our air
quality management solution as current global circumstances call
for hyper action in this regard,” stated Martin Kepman, CEO
Manganese X, “Breathing virus free air in a contained environment
has taken on greater meaning.”
For environmental engineers, it’s well known that building
ventilation systems are efficient disseminators of viruses and
other pathogens.
This tech offers risk mitigation for air quality in a contained
environment using those same ventilation systems for beneficial
purposes. Further, this technology offers the potential for global
scalability.
According to the CDC: Some infections can be spread by exposure
to virus in small droplets and particles that can linger in the air
for minutes to hours.
These viruses may be able to infect people who are further than
6 feet away from the person who is infected or after that person
has left the space.
Airborne transmission and is one way that infections like
Covid-19, tuberculosis, measles, and chicken pox are spread.
With 24.5 million
confirmed cases of coronavirus globally, and 840,000 dead, the
total economic damage caused by the virus is projected to
be between $8.1 and $15.8 trillion.
If this HVAC tech can provide medical safety in office
environments, that could have a significant global economic
impact.
To be clear, neither MN nor Disruptive Battery Corp is currently
touting this new technology as a Covid-19 solution.
Meanwhile, back at the ranch, there is Canadian manganese
project to advance.
A month ago, MN announced that drilling
activity has started on its 100%-owned Battery Hill property in New
Brunswick, Canada.
Previous holes on that property intercepted significant grades
and widths of manganese such as 10.75% Mn over 52.6 meters (core
length), 12.96% Mn over 32.85 meters (core length) and 9.39% Mn
over 74.0 meters.
Manganese has the following demand drivers.
- A critical component of the cathode material in modern
alkaline, lithium, and sodium batteries
- Green/clean energy credentials – weening off fossil fuels.
- Likely to remain the preferred energy material for the
future.
- Well suited for cathode mix in bulk energy storage & energy
management.
- Ideal for portable power
- Key material for integrating solar and wind renewable
energy.
On October 20, 2020 MN announced that an
additional drill rig is now on site which will expedite
the drilling program and shorten the timeline for final assay
results.
“We continue to be forward-looking with respect to the
advancement and de-risking of the Battery Hill project as we
progress towards a Preliminary Economic Assessment (PEA),” stated
Kepman, “We are accelerating our drilling agenda to take advantage
of the higher profile on manganese for EV battery usage”.
Upon successful completion of the drill program and ongoing
metallurgical studies recommended in the June 2020 NI 43-101
technical report, work will be initiated toward the completion of a
Preliminary Economic Assessment (PEA).
A PEA answers the question, “How best can this deposit be
exploited to maximize its profits for investors?” Unlike more
advanced studies, a PEA can use inferred resources for its
operational and financial modeling.
At Tesla’s Battery Day in September, Musk said Tesla’s next
generation EV batteries will contain 1/3 manganese.
Being close to the US border gives the MN property a strategic
advantage as Tesla has stated unequivocally their intent to source
energy metals from the North American chain.”
MN is drilling approximated 25 holes totaling at least 3,400
meters with the intent of expanding and upgrading the current
classification of mineralization to inferred or higher resource
status.
The drill program is focusing on near-surface,
higher grade areas of the deposit such as the Moody
Hill zones.
To date, 6 holes have been completed with 2 holes in progress
with approximately1000 metres drilled.
The environmental baseline work is beginning now.
Full Disclosure: Manganese X is an Equity Guru marketing
client
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