Manitou Gold Inc Completes 454,078 Unit private placement with Goldcorp Inc
April 18, 2011
Sudbury, ON – Manitou Gold Inc. (TSX-V: MTU) (“Manitou Gold” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Offering”) of 454,078 units (“Units”) at a price of $0.55 per Unit with Goldcorp Inc. (“Goldcorp”) as the sole subscriber, for gross proceeds of $249,743.
The Offering represents the reinvestment by Goldcorp of an amount that became due and payable by Manitou Gold to Goldcorp upon the closing of the previously announced $10 million private placement. Following the closing of the Offering, Goldcorp holds 4,454,078 common shares of the Company, representing approximately 9.5% of the Company’s issued and outstanding share capital.
The proceeds of this offering will be used for general working capital purposes. No fees, commissions, or finders fees were paid in respect of the Offering.
The Offering remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a statutory hold period expiring August 19, 2011.
About Manitou Gold
Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario.
For further information on Manitou Gold Inc. contact:
Manitou Gold Inc.
Director, Corporate Communications
Manitou Gold Inc.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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.