MANADO ANNOUNCES NEW PRIVATE PLACEMENT
Vancouver, BC / November 21, 2017 / Manado Gold Corp. (“Manado”) (TSX-V: MDO) announces that the Company plans to offer, on a private placement basis, up to 5,000,000 units at a price $0.10 per unit for total proceeds of up to $500,000 (the “Offering”). Each unit will consist of one common share of the Company and one share purchase warrant. Each share purchase will have a two year term. The exercise price of the warrants will be $0.175 per share for the first year and $0.30 for the second year.
The proceeds of the offering will be used for due diligence expenditures on cryptocurrency mining business models and potential acquisitions of companies in the blockchain space (see press release dated November 21, 2017), working capital, and debt extinguishment. There is no assurance that any acquisitions will be completed. The Company will likely be conducting due diligence on acquisitions of mineral exploration properties concurrently with its exploration into blockchain technology.
The Company may pay a commission or finder’s fee of up to 10% cash.
Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the TSX Venture Exchange.
Further to this announcement, the Company announces that at it will not be proceeding with tranche 2 of its previously announced private placement (see press releases dated September 13, 2017 and June 6, 2017).
The securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Manado Gold Corp.
For further information, please contact:
Phone: (604) 685-4745