SUDBURY, Ontario, July 31, 2018 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V:MTU) ("Manitou Gold" or the "Company") announced today that it has closed a non-brokered private placement (the “Offering”) pursuant to which it has issued an aggregate of 17,255,000 units (“Units”) at a price of $0.08 per Unit to raise aggregate gross proceeds of $1,380,400. Each 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 thereof to acquire one additional common share of Manitou Gold at $0.015 until July 31, 2021. Insiders of the Company subscribed for an aggregate of 425,000 Units in the Offering.
In connection with the Offering, the Company has also issued an aggregate of 100,800 finder’s units (“Finder’s Units”) and 100,800 broker warrants (“Broker Warrants”) to certain eligible finder’s assisting in the Offering. The Finder’s Units bear the same terms and conditions as the Units. Each Broker Warrant entitles the holder thereof to acquire one Unit at an exercise price of $0.08 until July 31, 2021.
All of the securities issued and issuable in the Offering are subject to a statutory hold period expiring on December 1, 2018.
Proceeds of the Offering will be used for exploration expenditures and general and administrative expenses.
For further information on Manitou Gold Inc. contact:
Richard Murphy
President and CEO
Manitou Gold Inc.
Telephone: 705-698-1962
Facsimile: 416-848-0790
Email: info@manitougold.com
Web site: www.manitougold.com
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.