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| | May 18, 2007
Manicouagan Minerals Closes $300,000 Private Placement With Sidex For Exploration On Mouchalagane Nickel/Copper/PGE Property
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| | TORONTO, May 18, 2007 -Manicouagan Minerals Inc. (TSXV -MAM) is pleased to announce that it has closed a non-brokered private placement with SIDEX s.e.c ("Sidex") for gross proceeds of $300,000.
SIDEX is a limited partnership with a mandate of financing companies exploring in the Province of Quebec with the objective of helping to diversify the mineral inventory and promote the exploration of new territories within the province. SIDEX was established by the Government of Quebec and the Solidarity Fund QFL. The proceeds from this private placement will be used by Manicouagan to fund exploration including drilling on its Mouchalagane Nickel/Copper/PGE discovery in Quebec.
Manicouagan has issued 1,666,667 units of securities (the "Units") at a price of $0.18 per Unit. Each Unit consists 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 $0.23 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.
Common Shares issued pursuant to the private placement will be traded on the TSX Venture Exchange. All securities issued under this offering are subject to a hold period of four months and a day from the closing date expiring on September 19, 2007.
In connection with the financing Manicouagan will pay a 2 percent cash commission to a third party as a result of an agreement entered into in connection with the March 27, 2007 brokered private placement.
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.
Additional information about SIDEX can be found at www.sidex.ca.
For further information contact:
Joseph Baylis, President and Chief Executive Officer (416) 542-3980
investorrelations@manicouaganminerals.com
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.
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 regulators. |
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| | You can view the Next Press Releases item: Thu May 24, 2007, Manicouagan Reports Significant Rhodium Concentrations Of Up To 1 Gram Per Tonne From Trenches On Its Mouchalagane Property
You can view the Previous Press Releases item: Thu May 17, 2007, Manicouagan Reports Additional Drill Results from Brabant Lake Including 15.88% Zinc Over 6.93 Metres
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