Vancouver, Oct. 26, 2021 - Manning Ventures Inc.
(the "Company" or "Manning") (CSE:MANN); (CNSX:MANN.CN); (Frankfurt:1H5) is pleased to announce that the Company has closed a private placement of flow-through units (the "FT Units") of the Company at a price of $0.16 per FT Unit (the "Private Placement").
Pursuant to the Private Placement, the Company issued 6,279,500 FT Units for aggregate gross proceeds of $1,004,720. Each FT Unit consists of one common share in the capital of the Company which will be designated as a flow-through share (a "FT Share") pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole share purchase warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one non-flow-through common share of the Company (a "Warrant Share") at a price of $0.24 per Warrant Share for a period of 36 months from the date of issuance.
In connection with the Private Placement, the Company has paid finder's fees totaling $66,117.60 and issued an aggregate of 413,235 non-transferable finders' warrants (the "Finders' Warrants"). Each Finders' Warrant will entitle the holder thereof to purchase one common share in the capital of the Company (a "Finders' Warrant Share") at a price of $0.24 per Finders' Warrant Share for a period of 36 months from the date of issuance.
The Company intends to allocate the net proceeds of the Private Placement for the advancement of its Canadian exploration projects, namely its iron ore portfolio in Quebec, and its gold projects, located in Ontario.
All of the securities issued in the Private Placement are subject to a hold period of 4 months and a day pursuant to applicable securities laws which expires on February 23, 2022.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Manning is a broad-based mineral exploration and development company with a focus in Canada. Manning holds a 100% interest in five Iron Ore properties located in the province of Quebec and is also currently earning towards a majority interest in the Squid East Silver-Gold Property, located in the Yukon, and the Flint Lake Gold Project located in Ontario.
For further information contact:
Manning Ventures Inc.
Alex Klenman - CEO
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve 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 include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.