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Manicouagan Minerals closes financing with Research Capital for US$6.2 million

Fasken
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Overview

Client

Manicouagan Minerals

On March 27, 2007, Manicouagan Minerals Inc. announced that it had closed the previously announced brokered private placement with Research Capital Corporation, raising gross proceeds of approximately $6.2 million. Manicouagan has issued 11,056,000 units of securities at a price of $0.18 per unit; and 17,637,000 of flow-through common shares of Manicouagan at a price of $0.24 per flow-through share. Manicouagan is a Canadian based exploration company with a diversified portfolio of properties. The company holds four base metal projects located in Quebec and Saskatchewan, on which exploration programs are ongoing. Proceeds from the financing will be used for Canadian exploration expenses and for working capital. Manicouagan was advised in this transaction by a team from Fasken Martineau comprised of Jean M. Gagné, Martin Gagné and Ianny Xénopoulos in Québec City and Bozidar Crnatovic in Toronto.

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