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).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243541
SOURCE: Eric Sprott
