Vancouver, BC / ACCESSWIRE / April 22, 2014 / Manado Gold Corp. ("Manado") (TSX-V: MDO) is pleased to announce that it has closed the first tranche of its previously announced private placement financing (see news release dated March 27, 2014) by issuing 1,500,000 units at a price of $0.05 per unit for gross proceeds of $75,000.
Each unit consists of one common share of Manado ("Share") and one share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one additional Share at a price of $0.06 per Share until April 22, 2017.
The securities issued under the private placement will be subject to a hold period expiring on August 23, 2014 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds of the private placement will be used for mineral exploration on Manado's Takla-Rainbow Property and working capital purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Manado's securities in the United States.
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.
Manado Gold Corp.
For further information, please contact:
Phone: (604) 685-4745
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 Manado's limited operating history; the need to comply with environmental and governmental regulations; and potential defects in title to Manado's properties. 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.