Manado Closes Tranche 1 of Private Placement
Vancouver, BC / TheNewswire / September 29, 2015 / Manado Gold Corp. ("Manado") (TSX-V: MDO) announced that it has closed the first tranche of its previously announced interim private placement financing as disclosed in its news release dated September 10, 2015 by issuing 4,500,000 units at a price of $0.05 per unit for gross proceeds of $225,000.
Each unit consists of one common share of Manado ("Share") and one share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one additional Share at a price of $0.075 per Share until September 28, 2017.
The securities issued under the private placement will be subject to a hold period expiring on January 29, 2016 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds of the private placement will be used to provide interim financing from Manado to RewardStream, Inc. ("RewardStream") under the amalgamation agreement with Rewardstream (the "Amalgamation Agreement") as disclosed in the news release dated September 10, 2015, to pay finder's fees totaling $13,000 and to pay costs of the reorganization.
The Company also announces that with the closing of this first tranche of the interim private placement, it has paid the advance of $200,000 to RewardStream under the Amalgamation Agreement.
Logan Anderson
President
For further information, please contact:
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 need to comply with environmental and governmental regulations; and potential defects in title to Manado's properties. 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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