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Jun 01, 2012
Manicouagan Announces Private Placement And Corporate Update
TORONTO, June 1, 2012 - Manicouagan Minerals Inc. (TSXV:MAM) announced today that it is arranging a non-brokered private placement of up to $1,000,000. A first tranche of $400,000 of units at a price of $0.055 per unit consisting of one common share and one full common share purchase warrant exercisable at $0.10 for 24 months from the date of closing is expected to close on or before June 8, 2012. The proceeds will be used for working capital purposes.
Manicouagan confirms that $400,000 of this private placement (first tranche) will be purchased by directors of the Company.
Completion of the financing is subject to the receipt of all required regulatory approvals, including acceptance by the TSX Venture Exchange.
On May 29, 2012, Manicouagan held its Annual General and Special Meeting of shareholders. The resolution approving Donald K Johnson, a director of the Company, as a new control person was approved by the shareholders. This will allow Mr. Johnson to increase his percentage of ownership in the Company beyond the 20% level. Mr. Johnson currently controls 18.8% of the common shares of Manicouagan.
Also on May 29, 2012, the Board concluded that the Company's assets are being undervalued by the equity market; hence it and management will pursue all options to increase shareholder value.
Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario and its aluminous clay property in the Gaspé Region of Quebec. Manicouagan also has other commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Québec.
Additional information about Manicouagan and its exploration projects can be found at www.manicouaganminerals.com.
Une traduction française de ce communiqué de presse est disponible à www.manicouaganminerals.com
For further information contact:
W. Brian Carter, Chief Executive Officer
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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