Manado Closes Interim Financing and Accepts Oversubscriptions
Vancouver, BC / TheNewswire / November 9, 2015 / Manado Gold Corp. ("Manado") (TSX-V: MDO) announced that it has closed the second tranche of its previously announced interim private placement of 12,000,000 units at a price of $0.05 per unit as disclosed in its news release dated September 10, 2015. The private placement was oversubscribed by 1,050,000 units and the oversubscription was accepted by Manado. As a result, the Company has issued in the two tranches a total of 13,050,000 units at a price of $0.05 per unit for gross proceeds of $652,500.
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 for a period of two years from the date of issue.
The securities issued under the second tranche of the private placement will be subject to a hold period ending March 10, 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, and to pay finder's fees and costs of the proposed amalgamation with RewardStream.
RewardStream is engaged in the business of designing, administering and managing automated referral and recommendation marketing programs. Its current customers are primarily telecommunications providers, financial institutions and e-commerce companies. Their platform, however, is adaptable to different types and sizes of customers. Current customers include Koodo Mobile, Boost Mobile, Virgin Mobile, Rogers, a major U.S. mobile phone company, First Calgary Financial and First West Credit Union.
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 amalgamation with RewardStream, including Manado's ability to complete the $1,500,000 concurrent financing that is a condition of closing of the amalgamation, 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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