Manicouagan Minerals Inc.

Manicouagan Minerals Inc.

March 01, 2007 08:40 ET

Manicouagan Minerals Inc. Announces $6 Million Financing

TORONTO, ONTARIO--(CCNMatthews - March 1, 2007) - Manicouagan Mineral Inc. (TSX VENTURE:MAM) -


Attention Business Editors:

("Manicouagan") is pleased to announce that it has entered into an agreement with Research Capital Corporation ("Research Capital") for a private placement financing of up to $6.0 million of securities consisting of (i) up to
$2.0 million in units of securities of Manicouagan (the "Units") at a price of $0.20 per Unit; and (ii) up to $4.0 million in "flow-through" common shares of Manicouagan (the "Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Each Unit will be comprised 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 $0.25 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. The securities issued under this offering will be subject to a hold period of 4 months and a day from the closing date. The gross proceeds to Manicouagan from the offering 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 offering of the Units will be used for working capital.

Research Capital will receive 8.0% of the aggregate gross proceeds from the financing and broker's warrants entitling it to purchase such number of common shares as is equal to 8.0% of the aggregate number of units and
flow-through shares sold under the offering. 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.

The closing date is expected to be on or about March 21, 2007. Completion of the private placement is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.

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 Saskatchewan and Quebec, on which exploration programs are ongoing. Additional information about Manicouagan Minerals and its exploration projects can be found at:

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

%SEDAR: 00017383EF

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