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CALGARY, ALBERTA--(Marketwire - May 17, 2012) - Manson Creek Resources Ltd. ('Manson Creek') (TSX VENTURE:MCK) announces that it has completed a non-brokered private placement for 1,400,000 Common Units at a price of $0.05 per Common Unit and 600,000 Flow Through Units at a price of $0.06 per Flow Through Unit for gross proceeds of $106,000.
The funds raised will finance fieldwork on the Company's two exploration projects, the Tell project in the Yukon and the Up Town Gold project in the Northwest Territories, moving them forward in a methodical and measured manner, as well as for working capital.
Work is set to commence on the Up Town Gold project located in the Northwest Territories with Phase one exploration work focusing on numerous historical gold bearing zones and the relatively undocumented alteration halos that surround them. The project was last examined in the 1960's with no focused geological work being conducted in the last five decades. Manson Creek geological personnel will map and prospect in and around the historical mineralized zones. Following the mapping, extensive channel sampling will be conducted over the mapped mineralized zones as the first step in defining the mineralization present.
In early June, an Induced Polarization (IP) geophysical survey is planned to cover the southern portion of the Tell claim block located adjacent to the Rackla Gold belt in the Yukon. The IP Survey will cover the area that in 2011 saw the discovery of six new natural spring gossans along strike and near to the original Tell showing. The geophysical survey will assist in the targeting of drill targets on the property. The drill program for the Tell property has been deferred until later in the summer or early fall, subject to the Company's ability to raise additional funds.
Financing Details
Each Common Unit consists of one common share and one common share purchase warrant. Each Flow Through Unit consists of one common Flow Through share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.10 per share until May 17, 2014. The Common Units and Flow Through Units were offered on a non-brokered basis by way of private placement to accredited investors and the securities issued are subject to a hold period until September 18, 2012. Finder's fees totalling $6,360 (6% of eligible gross proceeds) were paid to eligible agents pursuant to the offering.
Regan Chernish, P. Geol., President and Director
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements. |