Manicouagan Minerals Inc.

Manicouagan Minerals Inc.

March 27, 2007 17:37 ET

Manicouagan Minerals closes $6.2 Million Financing

TORONTO, ONTARIO--(CCNMatthews - March 27, 2007) -

Attention Business Editors:

Manicouagan Minerals Inc. (TSX VENTURE:MAM) is pleased to announce that it has closed the previously announced brokered private placement with Research Capital Corporation ("Research Capital"), raising gross proceeds of $6,222,960.

Manicouagan has issued 11,056,000 units of securities (the "Units") at a price of $0.18 per Unit; and 17,637,000 of "flow-through" common shares of Manicouagan (the "Flow-Through Shares") at a price of $0.24 per Flow-Through
Share. Each Unit consists of one common share of Manicouagan and one half of one common share purchase warrant with each full warrant entitling the holder to purchase one common share at a price of $0.23 for a period of 24 months following the closing date of the offering provided that if the common share price closes at or above $0.60 for 20 consecutive trading days the warrants may be callable for exercise by Manicouagan on 20 days notice.

Common Shares issued pursuant to the private placement will be traded on the TSX Venture Exchange. All securities issued under this offering are subject to a hold period of four months and a day from the closing date
expiring on July 28, 2007. The gross proceeds to Manicouagan from issuance of the Flow-Through Shares will be used for Canadian exploration expenses, which will be renounced in favour of the purchasers of the Flow-Through Shares. The net proceeds to Manicouagan from the Issuance of the Units will be used for working capital.

Research Capital received a cash commission of $457,434 representing 8.0% of the aggregate gross proceeds from the financing, reduced with respect to the proceeds from subscribers on a President's List and broker's warrants
entitling it to purchase 2,113,758 common shares (being 8.0% of the aggregate number of units and flow-through shares sold under the offering, reduced with respect to the units and flow-through shares issued to subscribers on the President's List). Each broker's warrant will be exercisable to purchase one common share at any time up to 24 months following the closing date at an exercise price equal to the issue price of the Units.

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 Research Capital Corporation

Research Capital is an employee-owned, full service Investment Dealer focused on small to mid-cap growth companies. Research Capital has a dedicated mining practice and the Company employs over three hundred people across Canada.

Research Capital provides its clients with industry leading research, sales, and trading coverage. The platform leverages its investment banking capabilities through its highly effective distribution system which includes
institutional and private client operations. Information about Research Capital is available at

Participation in the Private Placement by Related Parties

Vyco Limited, a Toronto based company of which Mr. Donald K. Johnson, one of the Corporation's directors and insiders, is president and director, has subscribed for an additional 2,084,000 Flow-Through Common Shares of the
Corporation for aggregate gross proceeds of CDN$500,160. Such subscription was made for general investment purposes. Mr. Johnson who already had, prior to closing, direct or indirect control over more than 10% of the Common Shares of the Corporation, and was thus already an insider of the Corporation, now owns
or exercises control or direction over 15,945,549 Common Shares of the Corporation representing 12.7% of the issued Common Shares of the Corporation as well as options to purchase a further 435,000 Common Shares of the

In addition, certain other directors, officers and related parties of the Corporation have directly or indirectly subscribed for an additional 1,146,000 Flow-Through Common Shares of the Corporation and 55,556 Units.

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.

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