Manicouagan Minerals Inc. Announces $6 Million Financing


    TORONTO, March 1 /CNW/ - Manicouagan Mineral Inc. (TSX VENTURE:MAM)
("Manicouagan") is pleased to announce that it has entered into an agreement
with Research Capital Corporation ("Research Capital") for a private placement
financing of up to $6.0 million of securities consisting of (i) up to
$2.0 million in units of securities of Manicouagan (the "Units") at a price of
$0.20 per Unit; and (ii) up to $4.0 million in "flow-through" common shares of
Manicouagan (the "Flow-Through Shares") at a price of $0.24 per Flow-Through
Share. Each Unit will be comprised 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 $0.25 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.
The securities issued under this offering will be subject to a hold period of
4 months and a day from the closing date. The gross proceeds to Manicouagan
from the offering 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 offering of
the Units will be used for working capital.
    Research Capital will receive 8.0% of the aggregate gross proceeds from
the financing and broker's warrants entitling it to purchase such number of
common shares as is equal to 8.0% of the aggregate number of units and
flow-through shares sold under the offering. 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.
    The closing date is expected to be on or about March 21, 2007. Completion
of the private placement is subject to receipt of all required regulatory and
other approvals, including acceptance by the TSX Venture Exchange.

    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 Saskatchewan and Quebec, on which exploration
programs are ongoing. Additional information about Manicouagan Minerals and
its exploration projects can be found at:

    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. This press release shall not constitute an offer to sell or
    solicitation of an offer to buy the securities in any jurisdiction. The
    securities being offered have not been, and will not be, registered under
    the United States Securities Act of 1933 and may not be offered or sold
    in the United States absent registration or applicable exemption from the
    registration requirements.

    %SEDAR: 00017383EF

For further information:

For further information: Joseph Baylis, President and Chief Executive
Officer, (416) 542-3980,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890