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Euro Manganese Inc. (ASX:EMN) is a mineral resource company established in 2014 and headquartered in Vancouver, Canada. As of late, the company is particularly focussed on progressing the evaluation and development of the wholly-owned Chvaletice Manganese Project strategically situated in the historic mines of the east of Prague, the Czech Republic. It primarily involves re-processing of some major manganese-rich tailings. Besides, the company is also ambitiously exploring prospective mineral projects in Europe.
Recently, on February 14th, 2019, Euro Manganese announced that it had granted stock options to the directors, employees, officers, and consultants, enabling them to buy up to an aggregate of 2,725,000 common shares of the Company. Of the allotment, around 1,650,000 shares have been granted to directors, 300,000 have been granted to officers and the employees and consultants, both have been granted a total of 775,000 shares. At an exercise price of $ 0.28 per common share, the stock options are exercisable over a period of ten years. Also, under the terms of condition, the options will vest one-third on the date of grant, one-third on the following first and second anniversaries of the date of grant subsequently. Â
Recently, the company also released the unaudited condensed and consolidated Interim Financial Statements for the three months ended December 31st, 2018 and also for 2017. As per the figures posted, the project evaluation costs for the three months ended December 31st, 2018 and 2017, were approximately at $ 1.54 million and $ 1.12 million respectively.
The rise in cost mainly resulted from increased expenses of around $ 199,416 in engineering, remuneration and metallurgical costs; and roughly $ 208,250 in drilling, sampling and surveys undertaken to expedite the works of the drilling program, which started at the beginning of July 2018. However, this was partially balanced by a simultaneous reduction in the geological expenses of $ 51,509 in the progress of the Project, a decrease of $ 44,227 in project management, as well as reduced cost of $ 36,951 in the market studies, that were mostly accomplished in the prior quarter.
At the quarter end, the company had cash valued at approximately $ 9 million, which declined by $ 1.4 million stemming from expenditure in operating activities at $ 2.6 million and investing activities $ 0.8 million. The rise in cash outflows was partly balanced by the proceeds from the Canadian Offering, that raised $ 2.5 million, minus cash expenses of $ 0.4 million. Besides, the working capital also reduced to $ 8.4 million from $ 9.1 million at the end of September 2018 quarter.
Back in early February 2019, Euro Manganese declared the details and respective release dates of the restricted securities from ASX Escrow, as per ASX Listing Rule 3.10A. The company finished an initial public offering (IPO) of its shares on ASX on September 28th, 2018, following which its common shares commenced trading on the ASX on October 2nd, 2018.
EMN has a market capitalisation of AUD 46.09 million on the ASX with ~ 170.71 million outstanding shares. With the close of the trading session as of February 15th, the EMN stock last traded at a market price of AUD 0.295, up by 9.259%, indicating an intra-day gain of AUD 0.025. It has generated a positive YTD return of 12.50% so far.
EMN's aim to sail as a leading and environmentally compliant supplier of premium Manganese Products, serving to the demand of both the lithium-ion battery industry, along with producers of aluminium alloys and speciality steel.
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