Manson Creek Closes First Tranche in Non-Brokered Financing
CALGARY, ALBERTA--(Marketwire - Nov. 1, 2012) - Manson Creek Resources Ltd. (TSX VENTURE:MCK) ('Manson Creek') is pleased to announce that it has closed its first tranche of a non-brokered private placement for 2,500,000 Common Units at a price of $0.05 per Common Unit and 1,200,000 Flow Through Units at a price of $0.05 per Flow Through Unit for gross proceeds of $185,000. Manson Creek anticipates closing the final tranche in the next couple of weeks.
The Flow Through funds raised will go directly to fieldwork on the Company's exciting Up Town Gold project in the Northwest Territories. Work is set to commence on the Up Town Gold project with Phase Two exploration work focusing on numerous high grade gold and silver zones identified earlier this year during the Phase One reconnaissance program.
Each Common Unit consists of one common share and one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.10 per share until November 1, 2017.
Each Flow Through Unit consists of one Flow Through common share and one half of a common share purchase warrant with each whole common share purchase warrant entitling the holder to purchase one additional common share at a price of $0.10 per share until November 1, 2014. The Common Units and Flow Through Units were offered on a non-brokered basis by way of private placement to accredited investors and the securities issued are subject to a hold period until March 2, 2013.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Manson Creek Resources Ltd.
Regan Chernish, P. Geol.
President and Director