The Euro Manganese (ASX:EMN) share price soared 7% today

Here’s the latest news from Euro Manganese.

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The Euro Manganese Inc (ASX: EMN) share price soared 6.78% today despite no news being released by the company.

However, the market heard from Euro Manganese last week when it announced it has received an extra €125,000 from the European Battery Alliances’ EIT InnoEnergy‘s investment.

Prior to that, Euro Manganese announced its subsidiary has received an extension to its Chvaletice Exploration Licenses.

At the close of trade, the Euro Manganese share price is 63 cents, 6.78% higher than yesterday’s close.

Let’s take a closer look at the latest news from the battery materials company.

The latest from Euro Manganese

The Euro Manganese share price soared today despite the company not releasing any price-sensitive news since last Tuesday.

Then, it announced it has received the second of three tranches of investment funding from EIT InnoEnergy.

EIT InnoEnergy’s total investment into Euro Manganese will be worth €250,000. The second tranche will see EIT InnoEnergy paying €125,000 for 330,647 shares.

So far, EIT InnoEnergy will be receiving 478,027 Euro Manganese shares. The company expects to issue the shares in January 2022.

EIT InnoEnergy leads the European Battery Alliance‘s industrial stream. It’s supported by the European Institute of Innovation and Technology.

The money will go towards the Chvaletice Manganese Project’s definitive feasibility study and demonstration plant.

The demonstration plant will produce samples of high-purity manganese for supply chain qualification by potential customers. The company expects those customers to include European electric vehicle and battery manufacturers.

The Euro Manganese share price didn’t react to the news.

The market also heard from Euro Manganese last fortnight when it announced its subsidiary has received licences to continue exploration at the Chvaletice Manganese Project until 2026. It was also granted a new preliminary mining permit that’s valid until 2026.

The licences mean the company can begin operations at the project in the first quarter of 2022.

The Euro Manganese share price gained 3.3% the day the news was released.

Euro Manganese share price snapshot

This year has been a good one for the Euro Manganese share price.

Right now, it’s 59% higher than it was at the start of 2021. It has also gained a whopping 826% since this time last year.

The company has a market capitalisation of around $220 million, with approximately 371 million shares outstanding.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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