CALGARY, April 17, 2012 -
Manson Creek Resources Ltd. ('Manson Creek') (TSX VENTURE: MCK) is pleased to announce a non-brokered private placement to raise up to $1.1 million. Proceeds of the financing will fund the Company's 2012 exploration program and be used for general working capital purposes. The 2012 exploration plans include geophysical surveys and diamond drilling on the Tell project in the Yukon to test the seven mineralized natural spring gossan targets identified in 2011. A drill rig has been secured for this program and drilling is expected to commence in July. The Company may also allocate a small portion of the financing proceeds towards initial mapping and sampling of its Up Town Gold project in the Northwest Territories.
The private placement will consist of a combination of Common Units ("Common Units") at a price of $0.05 per Common Unit, and Flow Through Units ("Flow Through Units") at a price of $0.06 per Flow Through Unit. Each Common Unit will consist of one common share and one common share purchase warrant and each Flow Through Unit will consist of one common flow through share and one half of a common share purchase warrant. Each whole common share purchase warrant (a "Warrant") will entitle the holder to purchase one additional common share at a price of $0.10 per share for a period of two years following closing.
The Common Units and Flow Through Units are to be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. This financing is subject to TSX Venture Exchange approval. A 6% cash finder's fee will be paid to eligible individuals.
Regan Chernish, P. Geol.
President and Director
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Contact Information
Manson Creek Resources Ltd.
Regan Chernish
President and Director
1.403.233.0464
www.manson.ca
