TORONTO, May 22, 2013 – Manicouagan Minerals Inc. (TSXV – MAM) is pleased to report that, on May 16, 2013, Flemish Gold Corp. closed its previously announced non-brokered private placement of 52,500,000 units of Flemish at a price of $0.10 per Unit, for aggregate gross proceeds of $5,250,000. Each Unit consisted of one common share in the capital of Flemish and one share purchase warrant of Flemish. Each Warrant entitles the holder thereof to acquire one additional Flemish Share at an exercise price of $0.15 per share at any time on or before May 16, 2015.
Manicouagan Minerals Inc. is a Canadian based exploration company with an aluminous clay property in the Gaspé Peninsula of Quebec, which also contains significant values of REE, and gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Quebec. Manicouagan is currently proposing to acquire all of the issued and outstanding Flemish Shares in exchange for shares in Manicouagan by way of a reverse takeover transaction.
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We acknowledge the [financial] support of the Government of Canada.