Canadian Manganese Company Inc. announced a private placement of Unsecured Convertible Debentures for gross proceeds of up to CAD 5,000,000 and 20,000,000 flow-through shares at an issue price of CAD 0.25 per share for gross proceeds of up to CAD 5,000,000; for an aggregate gross proceeds of CAD 10,000,000 on May 16, 2023. The debentures will mature on the date that is two years from the date of issuance. The debentures will bear interest at a rate of 14% per annum, payable semi-annually in arrears.

The debentures are issued at an original issue discount of 4%. The debentures are redeemable. All of the securities to be issued pursuant to the private placement will be subject to a four-month hold period.

Completion of the offerings is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the NEO Exchange. Closing of the offerings is expected to occur on or about June 21, 2023.