Manicouagan Minerals closes $6.2 million financing



    TORONTO, March 27 /CNW/ - Manicouagan Minerals Inc. (TSXV - MAM) is
pleased to announce that it has closed the previously announced brokered
private placement with Research Capital Corporation ("Research Capital"),
raising gross proceeds of $6,222,960.
    Manicouagan has issued 11,056,000 units of securities (the "Units") at a
price of $0.18 per Unit; and 17,637,000 of "flow-through" common shares of
Manicouagan (the "Flow-Through Shares") at a price of $0.24 per Flow-Through
Share. Each Unit consists of one common share of Manicouagan and one half of
one common share purchase warrant with each full warrant entitling the holder
to purchase one common share at a price of $0.23 for a period of 24 months
following the closing date of the offering provided that if the common share
price closes at or above $0.60 for 20 consecutive trading days the warrants
may be callable for exercise by Manicouagan on 20 days notice.
    Common Shares issued pursuant to the private placement will be traded on
the TSX Venture Exchange. All securities issued under this offering are
subject to a hold period of four months and a day from the closing date
expiring on July 28, 2007. The gross proceeds to Manicouagan from issuance of
the Flow-Through Shares will be used for Canadian exploration expenses, which
will be renounced in favour of the purchasers of the Flow-Through Shares. The
net proceeds to Manicouagan from the Issuance of the Units will be used for
working capital.
    Research Capital received a cash commission of $457,434 representing 8.0%
of the aggregate gross proceeds from the financing, reduced with respect to
the proceeds from subscribers on a President's List and broker's warrants
entitling it to purchase 2,113,758 common shares (being 8.0% of the aggregate
number of units and flow-through shares sold under the offering, reduced with
respect to the units and flow-through shares issued to subscribers on the
President's List). Each broker's warrant will be exercisable to purchase one
common share at any time up to 24 months following the closing date at an
exercise price equal to the issue price of the Units.

    Manicouagan Minerals Inc. is a Canadian based exploration company with a
diversified portfolio of properties. The Company currently holds four base
metal projects located in Quebec and Saskatchewan, on which exploration
programs are ongoing.
    Additional information about Manicouagan Minerals and its exploration
projects can be found at www.manicouaganminerals.com.

    About Research Capital Corporation

    Research Capital is an employee-owned, full service Investment Dealer
focused on small to mid-cap growth companies. Research Capital has a dedicated
mining practice and the Company employs over three hundred people across
Canada.
    Research Capital provides its clients with industry leading research,
sales, and trading coverage. The platform leverages its investment banking
capabilities through its highly effective distribution system which includes
institutional and private client operations. Information about Research
Capital is available at www.researchcapital.com.

    Participation in the Private Placement by Related Parties

    Vyco Limited, a Toronto based company of which Mr. Donald K. Johnson, one
of the Corporation's directors and insiders, is president and director, has
subscribed for an additional 2,084,000 Flow-Through Common Shares of the
Corporation for aggregate gross proceeds of CDN$500,160. Such subscription was
made for general investment purposes. Mr. Johnson who already had, prior to
closing, direct or indirect control over more than 10% of the Common Shares of
the Corporation, and was thus already an insider of the Corporation, now owns
or exercises control or direction over 15,945,549 Common Shares of the
Corporation representing 12.7% of the issued Common Shares of the Corporation
as well as options to purchase a further 435,000 Common Shares of the
Corporation.
    In addition, certain other directors, officers and related parties of the
Corporation have directly or indirectly subscribed for an additional 1,146,000
Flow-Through Common Shares of the Corporation and 55,556 Units.

    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.

    %SEDAR: 00017383EF




For further information:

For further information: Joseph Baylis, President and Chief Executive
Officer, (416) 542-3980, investorrelations@manicouaganminerals.com

Organization Profile

MANICOUAGAN MINERALS INC.

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