Critical metals group American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) announced Friday it is closing a second tranche of its non-brokered private placement of up to 10,000 units of the company, priced at C$0.15 per unit.
Each unit will consist of one common share of American Manganese and one warrant.
Each warrant can be exercised for one share for $0.20 for two years from the date of closing of the offering.
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The company said it has raised gross proceeds of C$131,750.10 in this second tranche of the private placement, and all securities issued under this second tranche are subject to a four-month hold period which expires on May 12, 2019.
American Manganese's properties in British Columbia includes the Rocher Deboule property, which has four historical operations and several additional exploration targets.
A vital component of the property is its IOCG target (Iron-Oxide-Copper-Gold), a mineralization type made famous by the Olympic Dam deposit in Australia, which has resources of an eye-watering nearly 4 billion tonnes.
The company said the private placement is subject to final acceptance by the TSX Venture Exchange and conditional acceptance was granted on December 3, 2018.
Shares of American Manganese were at C$0.14 on Friday.