Manado Gold Corporation: Provides Update on Private Placement
11.01.2018 | The Newswire
Vancouver, January 11, 2018 - Manado Gold Corp. ("Manado") (TSX-V: MDO) announces that the Company has received a 30-day extension to its private placement offering (the "Offering").The Offering consists of 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. The exercise price of the warrants will be $0.175 per share for a period of one year and $0.30 for the balance of the two-year term from the date of issuance.
The proceeds of the offering will be used for debt extinguishment, working capital and due diligence expenditures on cryptocurrency mining business models and potential acquisitions of companies in the blockchain space (see press releases dated November 21, 2017 and January 5, 2018). There is no assurance that any acquisitions will be completed.
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.
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.
Logan Anderson
President
For further information, please contact:
Manado Gold Corp.
Logan Anderson
Phone: (604) 685-4745
Email: manadogold@outlook.com or
Investor Relations
Dave Ryan
Email: manadogold@outlook.com
Forward-Looking Statements Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Manado cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Manado's control. Such factors include, among other things, Manado's ability to complete the balance of the private placement financing, risks and uncertainties relating to Manado's limited operating history; the ability of the Company to effectively identify commercially viable blockchain opportunities or other consummate a transaction on acceptable terms or at all. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Manado undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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