Manitou Gold closes $600K first tranche

News Release

Manitou Gold Completes First Tranche of Private Placement

SUDBURY, ONTARIO – July 21, 2017 – Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce that it has completed an initial tranche (the “First Tranche”) of its previously announced private placement (the “Offering”), for gross proceeds of $600,015. In connection with the completion of this tranche, the Company has issued 7,059,000 units (each, a “Unit”), at a price of $0.085 per Unit.

Each Unit consists of one common share of Manitou and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire one additional common share of Manitou at an exercise price of $0.13 per share for a period of 24 months from the date of issuance thereof.

Proceeds from the Offering will be used to advance the Company’s Ontario projects and for general working capital purposes.

Insiders of the Company subscribed for 359,000 Units in the First Tranche and may subscribe for up to 25% of the Offering. No finder’s fees were paid in the First Tranche.

All of the securities issued and issuable in the First Tranche are subject to a statutory hold period expiring on November 22, 2017.

The Offering remains subject to the receipt of all applicable final regulatory approvals.

For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666

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.