SUDBURY, Ontario, June 06, 2019 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (MTU.V) (the “Company” or “Manitou”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) pursuant to which it has issued (i) 3,650,000 units (“Hard Units”) at a price of $0.05 per Hard Unit; and (ii) 3,377,143 “flow-through” common shares (“FT Shares”) at a price of $0.07 per FT Share, all to raise aggregate gross proceeds of $418,900. Each Hard Unit consists of one common share of the Company and one-half of one share purchase warrant (each whole such share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.10 until the date which is two years from the closing date of the Offering.
In connection with the Offering, the Company also issued an aggregate of 305,000 Hard Units as finders’ fees to certain eligible registrants assisting in the Offering, as well as an aggregate of 305,000 broker warrants, with each broker warrant being exercisable to acquire one Hard Unit at an exercise price of $0.05 until June 6, 2021.
The Offering remains subject to the final approval of the TSX Venture Exchange. All securities issued and issuable in connection with the Offering are subject to a statutory hold period expiring on October 7, 2019.
With this financing closed, Manitou will immediately commence exploration at its Goudreau-Localsh area properties as described in the Company’s press release dated May 14, 2019.
For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the receipt of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.