Mr. Gordon Leask reports
MANSFIELD ANNOUNCES CDN$5,750,000 PRIVATE PLACEMENT
Mansfield Minerals Inc. has obtained subscriptions for the completion of a non-brokered private placement for gross proceeds of $5.75-million through the sale of 14,375,000 units at a purchase price of 40 cents per unit. Each unit will consist of one common share of the company and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the company at an exercise price of 60 cents per warrant share for a period of 24 months following the closing of the offering.
In connection with the offering, the company will pay to arm's-length finders a finder's fee equal to 5 per cent of the gross proceeds of the offering, payable in cash or units at the election of the finders. In addition, the finders will receive finder options exercisable for a period of 24 months following the closing date to acquire such number of common shares of the company as is equal to 5 per cent of the number of units sold under the offering at a purchase price of 45 cents per finder share.
The offering is subject to the acceptance of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period expiring four months and one day following the closing date.
The net proceeds from the offering will be primarily used for further development of the Lindero gold project, which will include additional resource definition drilling at the Arizaro target located adjacent to the Lindero gold deposit, and for general working capital purposes.
We seek Safe Harbor.
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