By Devika Patel
Knoxville, Tenn., April 1 - Manicouagan Minerals Inc. said it raised C$450,000 in the second and final tranche of a C$1 million non-brokered private placement of units. The company raised C$550,000 on March 24.
Manicouagan sold 20 million units at C$0.05 apiece to the MineralFields Group, with 11 million units sold in the first tranche and 9 million units sold in the second.
Each unit consists of one flow-through common share and one warrant. Each two-year warrant is exercisable at C$0.10 in the first year and at C$0.12 thereafter.
Proceeds will be used for drilling and exploration.
Toronto-based Manicouagan is a mineral exploration company.
| Issuer: | Manicouagan Minerals Inc.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10 in the first year, C$0.12 thereafter
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group
|
| Settlement date: | March 24 (for C$550,000), March 31 (for C$450,000)
|
| Stock symbol: | TSX Venture: MAM
|
| Stock price: | C$0.06 at close March 24
|
| Market capitalization: | C$8.51 million
|
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