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Share Name | Share Symbol | Market | Type |
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TSXV:MAM | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES Manicouagan Minerals Inc. (TSX VENTURE:MAM) ("Manicouagan" or the "Company") is pleased to announce a proposed private placement for gross proceeds of $200,000 through the sale of 4,000,000 units (the "Units") at $0.05 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to acquire one common share of Manicouagan for a period of 24 months from the date of closing of the private placement at a price of $0.10 per share for the first 12 months and $0.12 per share for the second 12 months. If the common shares of Manicouagan trade at or above $0.18 per common share for 21 consecutive trading days, then Manicouagan may accelerate the expiration of the share purchase warrants upon not less than 30 days written request. In connection with the private placement, Manicouagan has agreed to pay Canaccord Financial Inc. a cash commission equal to 3% of the gross proceeds and to issue finder's fee options for Units (the "Option Unit") equal to 8% of the number of Units subscribed for, at the price of $0.05 per Option Unit, with each Option Unit consisting of one common share and one common share purchase warrant. Each such common share purchase warrant will entitle the holder to acquire one common share of Manicouagan for a period of 24 months from the date of closing of the private placement at a price of $0.10 per share for the first 12 months and $0.12 per share for the second 12 months. The Option Units will have a term of 24 months. All securities issued in the private placement will be subject to a four-month hold period from their distribution date. Completion of the private placement is subject to the receipt of all required regulatory approvals, including final acceptance by the TSX Venture Exchange. Manicouagan will use the net proceeds from the issuance of the Units for working capital. About Manicouagan Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, together with the Mouchalagane Nickel/Copper/PGE project and the HPM/Forgues Nickel/Copper/Cobalt project, both in Quebec. The securities being issued have not, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
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