Manicouagan Issues Promissory Note and Grants Stock Options
MANICOUAGAN MINERALS INC.
Suite 501, 133 Richmond Street West Toronto, Ontario M5H 2L3 (416) 542 – 3980
MANICOUAGAN ISSUES PROMISSORY NOTE AND GRANTS STOCK OPTIONS
TORONTO, April 04, 2012 - Manicouagan Minerals Inc. (TSXV – MAM) announces that the Company has issued a $300,000 unsecured Promissory Note (the “Note”) to Donald K Johnson, a director of Manicouagan. The $300,000 will be used for working capital purposes.
The Note shall become due and payable in full May 31, 2012 and bear interest at the Prime Rate plus 0.5%. In the event that the principal amount is not repaid in full on the date due as herein contemplated, interest shall accrue at the rate of 10% per annum from the due date until payment is made. Manicouagan has the right to repay this note together with interest accrued at any time.
Also, the Board of Directors has approved the issuance of 200,000 stock options under the Company's Stock Option Plan. These options, being granted to an officer who is also a director of the Company, are exercisable into common shares of the Company at a price of $0.10 until April 4, 2017 and are subject to the rules of the TSXV and the Company’s Stock Option Plan.
About Manicouagan
Manicouagan Minerals Inc. is a Canadian based exploration company with gold properties in the Pickle Lake Gold Belt, Ontario as well as an alumina property in Quebec. Manicouagan also has the Brabant Lake zinc deposit in Saskatchewan, on which Votorantim Metals Canada Inc. has an option to earn 60%.
Additional information about Manicouagan and its exploration projects can be found at www.manicouaganminerals.com.
Une traduction française de ce communiqué de presse est disponible à www.manicouaganminerals.com
For further information contact:
W. Brian Carter, Chief Executive Officer [email protected] (647) 234-1583
Forward Looking Statements
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.