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Aug 09, 2012
Manicouagan Announces Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, August 9, 2012 - Manicouagan Minerals Inc. (TSXV:MAM) announced today that it is arranging a non-brokered private placement of up to $500,000, one half in common share units (the "Units") and one half in flow-through common shares (the "FT Shares").
The Units are priced at $0.05 and consist of one common share and one full common share purchase warrant exercisable at $0.10 for 24 months from the date of closing.
The FT Shares are priced at $0.05 and consist of one common share.
The first tranche ($150,000) is expected to close on or before August 16, 2012. The proceeds will be used for the upcoming drilling program at Manicouagan's Cloridorme aluminous clay property in the Gaspé Peninsula region of Quebec (see news release dated August 2, 2012).
Manicouagan confirms that the first tranche of $150,000 of this private placement 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.
Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its aluminous clay property in the Gaspé Peninsula of Quebec and its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has 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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