Mr. Logan Anderson reports
MANADO ANNOUNCES PROPOSED PRIVATE PLACEMENT OFFERING EXCLUSIVE TO EXISTING SHAREHOLDERS
Manado Gold Corp., in order to reward its current shareholders for their patience under current market conditions, plans to offer, on a private placement basis, exclusively to existing shareholders of the company, up to 26,274,700 units at a price one cent per unit for total proceeds of up to $262,747. Each unit being offered under the offering will consist of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at five cents per share for a three-year period from the date of issuance. The company plans to use the proceeds of the offering for the following purposes:
- TSX Venture Exchange continued listing fees, $5,460;
- Exploration program on the Clisbako property, $82,500;
- Exploration program on the company's Takla property, $35,000;
- Accounts payable:
- Auditor, $18,663;
- Legal, $20,110;
- Transfer agent, $2,201;
- Former director and qualified person, $6,000;
- Management fees owed:
- Logan B. Anderson, chief executive officer, $15,000;
- Donald Archibald, chief financial officer, $3,000;
- Director fees owed:
- Mr. Anderson, $3,000;
- Mr. Archibald, $3,000;
- David Ryan, $3,000;
- Sean O'Neill, $3,000;
- Shawn Clarkin, $3,000;
- Unallocated financing proceeds for continued operations, $59,813.
Closing of the proposed offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of a discretionary waiver application from the TSX Venture Exchange.
We seek Safe Harbor.
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