MDR Closes $5.25 M Financing + with AnteresMansfield Closes $5.25 Million Financing and Related Transactions with Antares
Vancouver, British Columbia – Mansfield Minerals Inc. (TSX – MDR)
May 22, 2007
Mansfield Minerals Inc. (“Mansfield” or the “Company”) and its joint venture partner, Antares Minerals Inc. (“Antares”, ANM.TSX-V), have completed the financing and related transactions that were announced on April 16, 2007. Pursuant to the terms of the vesting agreement dated April 16, 2007, Mansfield has subscribed for three million treasury units of Antares at $1.75 per unit ($5,250,000), each unit consisting of one common share and one-half of a common share purchase warrant, with each full warrant exercisable at $2.25 for one year. Mansfield has also issued to Antares, three million warrants exercisable at $4.00 for one year (the “Initial Mansfield Warrants”) and a further 1.5 million warrants exercisable at $4.75 per share for a period of two years, subject to the Initial Mansfield Warrants being exercised.
Antares and Mansfield are planning a 15,000 metre drilling campaign at the Rio Grande property in northwest Argentina with Antares funding the program until the completion of its US$3,375,000 vesting obligation to earn a 50% interest in the property. Thereafter, the parties will fund the completion of this and subsequent programs on a 50/50 joint venture basis with Antares as operator. Antares has spent approximately US$2,700,000 on Rio Grande to date.
All securities issued pursuant to the above transactions are subject to a four-month hold period under applicable Canadian securities laws. The securities have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
About Mansfield Minerals Inc. - Mansfield is a mining exploration company which has focused its activities in northwestern Argentina since August 1994. The Company’s current significant properties and projects consist of mineral rights covering approximately 190 square miles in three Argentine provinces and one Canadian province. The Company is currently focused on three primary projects which include Lindero (gold), Rio Grande (copper-gold) and La Frontera (silver-gold).
On behalf of the Board of Directors,
“Gordon P. Leask”
Gordon P. Leask, P.Eng.
President