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2014 Exploration Program On The Takla-Rainbow Property, B.C. Canada And Flow-Through Private Placement Offering
(via Thenewswire.ca) Vancouver, BC / TNW-Accesswire / July 2, 2014/ Manado Gold Corp. ...
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[{"type":"text","content":"2014 Exploration Program On The Takla-Rainbow Property, B.C. Canada And Flow-Through Private Placement Offering(via Thenewswire.ca)\n \n \nVancouver, BC / TNW-Accesswire / July 2, 2014/ Manado Gold Corp. (\"Manado\") (TSX-V: MDO) announced today that it plans to offer, on a private placement basis, up to 5,000,000 units (each, an \"FT Unit\") at a price of $0.06 per FT Unit for gross proceeds of $300,000 (the \"Flow-Through Offering\"). Each FT Unit will consist of one flow-through share of Manado, and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one non flow-through share at a price of $0.10 per Share for a period of one year following the closing date of the Flow-Through Offering. \n\n \n \nIn addition, Manado plans to offer, on a private placement basis, up to 2,000,000 non flow-through units (each, a \"Unit\") at a price of $0.05 per Unit for gross proceeds of $100,000 (the \"Non Flow-Through Offering\"). Each Unit will consist of one Share and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional Share at a price of $0.06 per Share for a period of three years following the closing date of the Non Flow-Through Offering. \n\n \n \nClosing of the proposed Flow-Through Offering and Non Flow-Through Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.\n\n \n \nProceeds of the offerings will be used for working capital and to carry out the first phase its exploration program during the 2014 field season to follow up on its successful 2013 drill program where hole number TR13-88 finished in a mineralised zone.\n\n \n \nThe 2013 diamond drilling program indicated that there may be a porphyry-style copper and gold-bearing mineralized zone associated with pervasive siliceous and potassic flooding that was not noted or sampled during the previous diamond drilling. The porphyry-style mineralization was intersected by diamond drill hole TR13-88 during Manado's 2013 drilling program. This drill hole intersected 24.52 metres (66.0 to 90.52 m, end of hole) of mineralization grading 2.011 gpt gold, 2.0 gpt silver and 0.18% copper, including a 6-metre section (66.0 to 74.0 m) with an average grade of 4.225 gpt gold, 4.0 gpt s...