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Manitou Gold (TSXV:MTU) announced both flow-through and non flow-through non-brokered private placements

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The company plans to raise gross proceeds of up to $5 million from the placement of shares and units. The flow-through shares are priced at $0.09. The non flow-through units are priced at $0.06 per unit and consist of 1 share and 1 warrant, with the warrant exercisable at $0.12 for 24 months.

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Additional Information:

Company: Manitou Gold
Website: http://www.ManitouGold.com
Stock Symbol: TSXV: MTU
Date Published: Sep 16, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Manitou Gold, a Canadian exploration company, has announced both flow-through and non flow-through non-brokered private placements.

The company plans to raise gross proceeds of up to $5 million from the placement of shares and units.

The flow-through shares are priced at $0.09.

The non flow-through units are priced at $0.06 per unit and consist of 1 share and 1 warrant, with the warrant exercisable at $0.12 for 24 months.

The shares are currently trading at $0.055.

The proceeds will be used for continued exploration work on the company’s projects and for general corporate purposes.

At its Goudreau Project, 50 km northeast of Wawa, Ontario, the company has assembled 338 square kilometers of contiguous mining lands between Alamos Gold’s Island Gold Mine and Argonaut’s Magino deposits to the west and the past-producing Renabie mine to the east.

The lands assembled consist of 37 kilometres of strike length with at least seven under-explored large-scale deformation zones showing favorable lithology supported by more than 50 government-documented and registered gold occurrences.

Earlier in the month the company reported it had intersected significant gold mineralization of 15.7 g/t gold over 0.7 metres within a wider mineralized interval of 18.0 metres at its 100% owned Goudreau project.

Richard Murphy, President and CEO, stated: “I am very encouraged with this broad intersection of gold mineralization in our first drill hole to test this recently identified porphyry zone. Given the thickness of the gold mineralization within a wide, highly fractured and altered porphyry body, and its attractive location, being adjacent to a 50 metre wide, intense shear zone identified earlier this year, I look forward to future drill results from the continuing drilling of this new zone. We will be drilling this new porphyry zone on our Patents property for the foreseeable future.”

Manitou Gold also owns a 148 square kilometer land package of highly prospective gold properties located in the historical Gold Rock District, in Northwestern Ontario.

This under-explored area has a very attractive geological setting hosting 61 known, documented and registered gold occurrences including three past producing mines, the Big Master, the Laurentian and the Elora.

Until recently, the area has remained relatively untouched by modern-day exploration, pointing to excellent discovery potential over this large land package.

For more information, please visit the company’s website www.ManitouGold.com, contact Richard Murphy, President and CEO, at 705-698-1962 or email info@ManitouGold.com.

I’m Cassandra Bolinski for Investmentpitch Media