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Manicouagan Minerals Inc.

Published : June 04th, 2012

ANNOUNCES PRIVATE PLACEMENT AND CORPORATE UPDATE

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Keywords :   Cobalt |

MANICOUAGAN ANNOUNCES PRIVATE PLACEMENT
AND CORPORATE UPDATE

TORONTO, June 1, 2012 - Manicouagan Minerals Inc. (TSXV:MAM) announced today that it is arranging a non-brokered private placement of up to $1,000,000.  A first tranche of $400,000 of units at a price of $0.055 per unit consisting of one common share and one full common share purchase warrant exercisable at $0.10 for 24 months from the date of closing is expected to close on or before June 8, 2012. The proceeds will be used for working capital purposes.

Manicouagan confirms that $400,000 of this private placement (first tranche) will be purchased by directors of the Company.

Completion of the financing is subject to the receipt of all required regulatory approvals, including acceptance by the TSX Venture Exchange.

On May 29, 2012, Manicouagan held its Annual General and Special Meeting of shareholders.  The resolution approving Donald K Johnson, a director of the Company, as a new control person was approved by the shareholders.  This will allow Mr. Johnson to increase his percentage of ownership in the Company beyond the 20% level.  Mr. Johnson currently controls 18.8% of the common shares of Manicouagan.

Also on May 29, 2012, the Board concluded that the Company�s assets are being undervalued by the equity market; hence it and management will pursue all options to increase shareholder value.

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario and its aluminous clay property in the Gasp? Region of Quebec. Manicouagan also has other commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Qu?bec.

 

Manicouagan Minerals Inc.

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CODE : MAM.V
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Manicouagan Min. is a zinc and lead exploration company based in Canada.

Manicouagan Min. develops zinc, lead, copper, nickel, palladium and platinum in Canada, and holds various exploration projects in Canada.

Its main asset in development is MOUCHALAGANE in Canada and its main exploration properties are FORGUES, PICKLE LAKE, BRABANT LAKE ZINC and LAC MAUGUE in Canada.

Manicouagan Min. is listed in Canada. Its market capitalisation is CA$ 2.6 millions as of today (€ 2.5 millions).

Its stock quote reached its highest recent level on December 04, 2009 at CA$ 0.90, and its lowest recent point on December 14, 2012 at CA$ 0.02.

Manicouagan Min. has 37 710 000 shares outstanding.

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TSX-V (MAM.V)
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Produces
Develops Copper - Nickel - Palladium - Platinum
Explores for Cobalt - Copper - Gold - Lead - Nickel - Silver - Zinc
 
 
 
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