Manicouagan Minerals Inc.

Manicouagan Minerals Inc.

October 23, 2006 18:18 ET

Manicouagan Minerals Closes $1.5 Million Flow Through Private Placement With MineralFields Group

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2007) -


Attention Business Editors:

Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to announce that it has closed the previously announced $1.5 million private placement with the MineralFields Group, at an amended price of $0.15
per unit. Each unit consists of one flow through common share of Manicouagan and one-half a common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Manicouagan at a price of $0.30 per
share for a period of twelve months and will expire on October 20, 2007.

In connection with the private placement, Manicouagan has paid Limited Market Dealer Inc. a cash finder's fee equal to 5 percent of the gross proceeds and issued non-transferable finder's fee options equal to 8 percent
of the units subscribed for at the amended unit price of $0.15. The finder's fee options have a term of 24 months and will expire on October 20, 2008. Each finder's fee option entitles the holder, upon exercise thereof, to one common share of Manicouagan, and a one half a common share purchase warrant, each whole warrant entitling its holder to acquire one common share of Manicouagan Minerals Inc. at a price of $0.30 per share for a period of twenty-four months and will expire on October 20, 2008.

All securities issued in the private placement will be subject to a four-month hold period from their distribution date. The placees in the private placement are at arm's length with Manicouagan and its management. Manicouagan will use the funds for continued exploration on its Canadian properties, primarily in Saskatchewan and Quebec.

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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Contact Information

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