SUDBURY, Ontario, June 22, 2021 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce that it has fully exercised its options to acquire the Stover and Renabie-Easy Lake properties in northern Ontario (the “Properties”) by issuing an aggregate of 9,555,555 common shares of the Company (the “Subject Shares”). The Company was previously granted options to acquire interests in each of the Properties pursuant to option agreements dated June 17 and 27, 2019 (the “Option Agreements”). The optionors of the Properties have agreed to accept the Subject Shares in full satisfaction of all remaining obligations under the Option Agreements and, accordingly, the Company now owns a 100% fully vested interest in each of the Properties, subject to a 2% net smelter return royalty, half of which can be repurchased.
“With the completion of this vestiture, we have now a consolidated 100% ownership of our entire 350 km2 Goudreau project,” stated Richard Murphy, President and CEO of Manitou Gold. “Our targeting work covering the western 10 km section of the regional scale Baltimore Deformation Zone is progressing well. We will be providing a thorough exploration update, including a description of the emerging drill targets, in the near future.”
The Subject Securities are subject to a statutory hold period expiring on October 22, 2021.
In addition, the Company announces that it paid cash fees totaling $152,005 to certain qualified registrants who acted as finders in connection with its previously announced private placement that was completed on April 9, 2021.
For further information on Manitou Gold Inc., contact:
Richard Murphy, President and CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, Vice-President
Telephone: 1 (705) 626-0666
Email: info@manitougold.com
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, including regulatory risk related to the receipt of final approval of the TSX Venture Exchange for the Offering. 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 prospective nature of the Stover and Renabie-Easy Lake properties. 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.