Manson Creek Announces Increase to Private Placement Offering and Closing of First Tranche
CALGARY, ALBERTA--(Marketwired - March 24, 2017) -
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Manson Creek Resources Ltd. (TSX VENTURE:MCK) ("Manson") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Offering") consisting of 7,000,000 Units at a price of $0.05 per Unit to raise gross proceeds of $350,000. Each unit consisted of one common share and one half of a common share warrant. Each full common share purchase warrant (a "Warrant") entitles the holder to purchase one half of an additional common share at a price of $0.10 per share until March 24, 2019.
In connection with the first tranche of the Offering, Manson has agreed to pay finder's fees of $14,350. The common shares issued pursuant to this private placement are subject to a four month hold period.
Manson also announces that it has increased its offering by $50,000 or 1,000,000 common shares. In aggregate, Manson may issue up to 8,000,000 common shares at a price of $0.05 per Unit under the Offering, for total gross proceeds of up to $400,000. Each unit will consist of one common share and one half of a common share warrant. Each full common share purchase warrant will entitle the holder to purchase one half of an additional common share at a price of $0.10 per share for a period of two years following closing.
Manson expects to close the second tranche of the Offering on or before April 14, 2017 subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued in connection with this tranche of the Offering will be subject to a four month hold period from the date of closing. Finder's fees of 5% cash may become payable to eligible agents in connection with the second tranche of the Offering.
The net proceeds from the Offering will be used for working capital, general corporate purposes and property exploration expenditures.
On Behalf of the Board of Directors,
Jean-Pierre Jutras, President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
