By Sheri Kasprzak
New York, March 1 - Manicouagan Mineral Inc. plans to raise up to C$6 million in a private placement.
The offering includes up to 10 million units at C$0.20 each and up to 16,666,667 flow-through shares at C$0.24 each.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.25 for two years. The expiry of the warrants may be accelerated to 20 days if the company's stock trades above C$0.60 for more than 20 consecutive trading days.
Research Capital Corp. is the placement agent for the deal, which is expected to close March 21.
Proceeds from the flow-through shares will be used for exploration on the company's Canadian properties, and proceeds from the units will be used for working capital.
Toronto-based Manicouagan is a mineral exploration company.
| Issuer: | Manicouagan Mineral Inc.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$6 million
|
| Placement agent: | Research Capital Corp.
|
| Pricing date: | March 1
|
| Settlement date: | March 21
|
| Stock symbol: | TSX Venture: MAM
|
| Stock price: | C$0.20 at close Feb. 28
|
|
|
| Flow-through shares
|
| Shares: | 16,666,667
|
| Price: | C$0.24
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
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