2007 Press Releases
2006 Press Releases
2005 Press Releases
2004 Press Releases
 |
| | March 01, 2007
Manicouagan Minerals Announces $6 Million Financing
|
| | This press release is not for distribution to United States newswire services nor for dissemination in the United States.
TORONTO, March 1, 2007 - Manicouagan Minerals Inc. (TSXV -- MAM) is pleased to announce that it has entered into an agreement with Research Capital Corporation ("Research Capital") for a private placement financing of up to $6.0 million of securities consisting of (i) up to $2.0 million in units of securities of Manicouagan (the "Units") at a price of $0.20 per Unit; and (ii) up to $4.0 million in "flow-through" common shares of Manicouagan (the "Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Each Unit will be comprised of one common share of Manicouagan and one half of one common share purchase warrant with each full warrant entitling the holder to purchase one common share at a price of $0.25 for a period of 24 months following the closing date of the offering provided that if the common share price closes at or above $0.60 for 20 consecutive trading days the warrants may be callable for exercise by Manicouagan on 20 days notice. The securities issued under this offering will be subject to a hold period of 4 months and a day from the closing date. The gross proceeds to Manicouagan from the offering of the Flow-Through Shares will be used for Canadian exploration expenses, which will be renounced in favour of the purchasers of the Flow-Through Shares. The net proceeds to Manicouagan from the offering of the Units will be used for working capital.
Research Capital will receive 8.0% of the aggregate gross proceeds from the financing and broker's warrants entitling it to purchase such number of common shares as is equal to 8.0% of the aggregate number of units and flow-through shares sold under the offering. Each broker's warrant will be exercisable to purchase one common share at any time up to 24 months following the closing date at an exercise price equal to the issue price of the Units.
The closing date is expected to be on or about March 21, 2007. Completion of the private placement is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.
Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Quebec and Saskatchewan, on which exploration programs are ongoing.
Additional information about Manicouagan Minerals and its exploration projects can be found at www.manicouaganminerals.com.
For further information contact:
Joseph Baylis, President and
Chief Executive Officer
(416) 542-3980
investorrelations@manicouaganminerals.com
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
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 regulator. |
| |
| | You can view the Next Press Releases item: Tue Mar 27, 2007, Manicouagan Minerals Closes $6.2 Million Financing
You can view the Previous Press Releases item: Mon Feb 26, 2007, Manicouagan Reports More Encouraging Drill Results From Its Brabant Lake Zinc Deposit -- 6.17 Metres Of 15.76% Zinc
You can return to the main Press Releases page, or press the Back button on your browser.
|
|
