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Jun 07, 2012
Manicouagan Announces Closing of First Tranche of Private Placement
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, June 7, 2012 - Manicouagan Minerals Inc. (TSXV:MAM) announced today that it has closed on $402,600 of its non-brokered private placement announced on June 1, 2012 by issuing 7,320,000 units at $0.055 per unit. Each unit consists of 1 common share and one full common share purchase warrant exercisable at $0.10 until June 6, 2014. The securities issued as part of the placement are subject to a 4 month hold period expiring on October 7, 2012. The proceeds will be used for working capital purposes.
The entire first tranche of $402,600 was purchased by insiders of the Company. Following this closing, Mr. Donald K Johnson, a director of Manicouagan, exercises control over 31.22% of the 33,209,449 now outstanding shares of Manicouagan. Also, Mr. Vahan Kololian now exercises control over 8.46% of the outstanding shares.
Completion of the financing is subject to the receipt of all required regulatory approvals, including final acceptance by the TSX Venture Exchange.
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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