Manitou Gold Closes Private Placement

SUDBURY, ONTARIO--(Marketwired - Dec. 28, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Manitou Gold Inc. (TSX VENTURE:MTU) (the "Company" or "Manitou") is pleased to announce that it has closed a private placement (the "Offering") pursuant to which the Company issued 5,209,965 "flow-through" common shares at a price of $0.15 per share to raise gross proceeds of approximately $780,000. In connection with the completion of the Offering, the Company issued an aggregate of 233,333 broker warrants, each exercisable to acquire one common share of the Company at $0.15 per share for a period of two years, and paid a cash commission and expenses to certain finders assisting in the Offering. All of the securities issued and issuable in connection with the Offering are subject to a statutory hold period expiring on April 29, 2018. Proceeds from the Offering will be used to advance the Company's Ontario projects.

The Offering remains subject to the final approval of the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.