MAM insiders own 45% of the shares wow! They have been taking 100% of the pp's at .05 very tight float this could bolt to .10 plus fast!Aug 16, 2012
Manicouagan Announces Closing Of First Tranche Of Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, August 16, 2012 - Manicouagan Minerals Inc. (TSXV:MAM) announced today that it has closed on $150,000 of its non-brokered private placement announced on August 9, 2012 by issuing 3,000,000 units at $0.05 per unit. Each unit consists of one common share and one full common share purchase warrant exercisable at $0.10 until August 16, 2014. The securities issued as part of the placement are subject to a 4 month hold period expiring on December 17, 2012. The proceeds will be used for working capital purposes.
The entire first tranche of $150,000 was purchased by insiders of the Company. Following this closing, Mr. Donald K Johnson, a director of Manicouagan, exercises control over 35.53% of the 36,211,449 now outstanding shares of Manicouagan. Also, Mr. Vahan Kololian now exercises control over 9.15% of the outstanding shares.
Completion of the financing is subject to the receipt of all required regulatory approvals, including final acceptance by the TSX Venture Exchange.