Manicouagan Minerals Inc.

Manicouagan Minerals Inc.

September 26, 2006 10:06 ET

Manicouagan Minerals Agrees to $1.5 Million Flow Through Private Placement

TORONTO, ONTARIO--(CCNMatthews - Sept. 28, 2007) -


Attention Business Editors:

Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to announce that it has agreed to a $1.5 million private placement at a price of $0.165 per unit with the MineralFields Group. Each unit will consist of one flow through common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of Manicouagan at a price of $0.25 per share for a period of twelve months from the date of closing of the private placement.

In connection with the private placement, Manicouagan has agreed to pay Limited Market Dealer Inc. a cash finder's fee equal to 5 percent of the gross proceeds and to issue finder's fee options equal to 8 percent of the units subscribed for at the unit price of $0.165. The finder's fee options will have a term of two years.

The agreement is subject to the completion of a due diligence review of Manicouagan and regulatory approval. All securities issued in the private placement will be subject to a four month hold period from their distribution

Manicouagan will use the funds for continued exploration on its Canadian properties.

Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Quebec and Saskatchewan, on which exploration programs are ongoing.

Additional information about Manicouagan Minerals and its exploration projects can be found at

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about MineralFields Group is available at

The securities being issued have not, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.

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The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.

Contact Information

  • Manicouagan Minerals Inc.
    Joseph Baylis
    President and Chief Executive Officer
    (647) 477-2444