VANCOUVER, BC / ACCESSWIRE / March 27, 2014 / Manado Gold Corp. ("Manado") (TSX-V: MDO) is pleased to announce that it has increased its proposed private placement offering from $200,000 to $250,000. As a result, Manado now plans to offer up to 5,000,000 units at a price of $0.05 per unit for gross proceeds of $250,000 (the "Offering"). Each Unit will continue to consist of one common share of Manado and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.06 per common share for a period of three years following the closing date of the Offering.
The proceeds of the Offering will be used for mineral exploration on Manado's Tackla-Rainbow Property and working capital purposes. Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
About the Takla-Rainbow Property
The Takla-Rainbow Property is located in northcentral British Columbia, approximately 152 kilometres north-northwest of Fort St. James or 156 kilometres northeast of Smithers. The property consists of six mineral tenures that collectively cover 4,545.34 hectares (11,231.38 acres) along the Twin Creek drainage. All of the claims are owned 100% by CJL Enterprises Ltd. of Smithers, B.C., subject to the terms of an option to purchase agreement with Manado.
On behalf of the Board of Directors
President and Chief Executive Officer
Investor Relations - Dave Ryan
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Manado cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Manado's control. Such factors include, among other things, risks and uncertainties relating to the fact that there is assurance that any or all of the private placement will be completed. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Manado undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Manado Gold Corp.