SUDBURY -
The Offering will be comprised of a combination of (i) units ('Hard Units') at a price of
Manitou has agreed to pay eligible finders assisting in the Offering (i) a cash fee equal to 7% of the gross proceeds raised by such finders, and (ii) such number of broker warrants ('Broker Warrants') as is equal to 7% of the total number of Hard Units and FT Shares sold by such finders, excluding those sold to President's List subscribers. Each Broker Warrant shall be exercisable to acquire one Hard Unit at an exercise price of
Proceeds from the Offering will be used for continued exploration and general corporate purposes. An amount equal to the gross proceeds from the sale of the FT Shares will be used for expenditures which qualify as Canadian exploration expenses ('CEE') and 'flow-through mining expenditures' (within the meaning of the Income Tax Act (
Insiders of Manitou may participate in the Offering, with such participation not expected to exceed 10% of the Offering, unless those insiders with participation rights exercise such rights to maintain their respective pro rata interests in the Company. The Offering remains subject to the approval of the
Contact:
Tel: 1 (705) 698-1962
Email: info@manitougold.com
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the receipt of all regulatory approvals, insider participation in and closing of the Offering, and the use of proceeds of the Offering. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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