Manitou Gold Announces Closing of $3 Million Financing, Strategic Investments by Alamos Gold Inc. and O3 Mining - Seite 2

O3 Mining Inc. Investment

O3 Mining Inc. (TSX-V: OIII) and its assignees have collectively purchased an aggregate of 14,500,000 Units in the Offering, representing approximately 7.9% of the issued and outstanding common shares of Manitou immediately post-closing, as calculated on a non-diluted basis (or 15.7% on a partially diluted basis assuming exercise of the warrants comprising such Units only).  Manitou has agreed to grant O3 Mining Inc. the right to nominate one director to Manitou’s board of directors, as well as non-dilution rights such that O3 Mining Inc. can retain the pro-rata ownership of it and its assignees in Manitou as held immediately post-closing by participating, directly or through assignees, in any subsequent share issuance, so long as O3 Mining Inc. and its assignees retain at least 7.5% of Manitou’s outstanding common shares, as calculated on a partially diluted basis.

Commenting on the private placement, Richard Murphy, CEO of Manitou Gold stated “We welcome the investments from both Alamos and O3 Mining and their enthusiasm for Manitou’s exploration plans.  After having spent the last three years consolidating the Goudreau Project, I now look forward to accelerating exploration across our entire Goudreau Project portfolio.”

Michael White, President and CEO of IBK Capital Corp. stated “We are delighted to begin this journey and invest in Manitou Gold and their strategic land position between Alamos Gold’s high grade Island Gold Mine and the past producing Renabie gold mine.”

About the Goudreau Project

Manitou’s Goudreau Project is comprised of the 100% owned or optioned Goudreau-Renabie area properties and include over 22,500 hectares of  land that are set between Alamos’ producing Island Gold Mine to the west and the past producing Renabie mine to the east and that traverse 37 km of contiguous lands along known deformation zones.

Alamos has acquired the Manitou shares for investment purposes, which will be evaluated and increased or decreased from time to time at Alamos’ discretion. A copy of the Alamos Early Warning Report is available on SEDAR at https://www.sedar.com or can be requested by contacting Scott Parsons, Vice-President, Investor Relations, at [e-mail], 416-368-9932 (ext. 5439), or by mail at Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario M5J 2T3. Alamos is incorporated pursuant to the laws of the Province of Ontario. Its principal business is mining and exploration.