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  • Manitou Gold (MTU) has closed its previously announced private placement for gross proceeds of C$5,031,500
  • The company has issued 45,740,909 flow-through common shares at a price of $0.11 per share
  • Manitou also announced that Alamos Gold and O3 Mining have invested in the company by participating in the offering
  • Manitou Gold is a Canadian exploration company
  • Manitou Gold (MTU) is up 6.67 per cent and is trading at $0.08 per share

Manitou Gold (MTU) has closed its previously announced private placement for gross proceeds of C$5,031,500.

The company issued 45,740,909 flow-through common shares at a price of $0.11 per share.

Proceeds will be used for exploration expenses and “flow-through mining expenditures.”

In addition to the closing of the placement, Manitou announced that Alamos Gold and O3 Mining have invested in the company by participating in the offering.

Alamos Gold purchased 15,900,000 shares to maintain its 19.9 per cent interest in Manitou Gold, and O3 Mining purchased a 9.9 per cent interest in the company.

The company also issued 1,381,864 broker warrants to eligible registrants, each entitling the holder to acquire one common share of the company for $0.11 per share.

The warrants will be eligible for a period of three years from the closing of the offering.

Officers and directors of Manitou purchased an aggregate of 3,750,000 shares in the offering.

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

Manitou Gold is a Canadian exploration company with consolidated 350 square kilometres of proven orogenic gold potential on the Michipicoten Greenstone Belt.

Manitou Gold (MTU) is up 6.67 per cent and is trading at $0.08 per share as of 3:56 pm ET. 

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