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March 7, 2012 - Vancouver, British Columbia. Manado Gold Corp. ("Manado") (TSX-V: MDO) is pleased to announce that, on March 6, 2012, it successfully completed its initial public offering (the "IPO") of 3,250,000 units (the "Units") of Manado at a price of $0.15 per Unit and 3,250,000 flow-through units (the "Flow-Through Units") of Manado at a price of $0.20 per Flow-Through Unit for total gross proceeds of $1,137,500 (the "Proceeds"). Each Unit is comprised of one common share (each a "Share") in the capital of Manado and one-half of one transferable share purchase warrant (each whole share purchase warrant a "Warrant") and each Flow-Through Unit is comprised of one flow-through share within the meaning of the Income Tax Act (Canada) in the capital of Manado and one-half of one Warrant. Each whole Warrant entitles the holder to acquire a Share at a price of $0.20 per Share until September 6, 2013.
Canaccord Genuity Corp. acted as agent (the "Agent") for the IPO. Manado paid to the Agent a cash commission equal to 10% of the Proceeds and granted the Agent and its sub agents non-transferable Warrants entitling the Agent and its sub agents to purchase a total of 650,000 Shares at a price of $0.20 per Share until September 6, 2013. The Agent also received a corporate finance fee, which consisted of cash as well as 100,000 Shares and 50,000 non-transferable Warrants.
Manado anticipates that its common shares will commence trading on the TSX Venture Exchange ("TSX-V") on March 8, 2012 under the symbol "MDO".
About Manado
Manado is a mineral exploration company that has an option to acquire a seventy-five percent (75%) interest in the Clisbako Property (the "Clisbako Property"). The Clisbako Property is comprised of ten contiguous mineral claims covering approximately 3,387,889 hectares located in the Interior Plateau Region of north central British Columbia. Manado's exploration program will be primarily focused on gold and silver exploration.
The Proceeds will be used by Manado to fund an exploration and drilling program on the Clisbako Property and for general working capital purposes.
Forward Looking Information
Information set forth in this press release contains forward-looking statements relating to the use of proceeds, are made as of March 6, 2012 and are based on assumptions as of that date. 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: risks and uncertainties relating to exploration and development; the ability of Manado to obtain additional financing; Manado's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to Manado's properties, fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in Manado's Prospectus dated December 12, 2011 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially form 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.
On behalf of the Board of Directors
Logan Anderson
President and Chief Executive Officer?
(604) 616-6754
info@manadogold.com
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