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Mansa Exploration Inc. Announces Closing of Non-Brokered Financing

/ THIS NEWSLETTER IS NOT FOR DISTRIBUTION TO OUR NEWSLETTER UNITED STATES DISTRIBUTION SERVICES /

TORONTO, December 31, 2021 /CNW/ – Mansa Exploration Inc. (CSE: MANS) (the “Company” or “Mansa”) is pleased to announce that it has completed its previously announced unmediated private placement for gross proceeds of $1,945,700 (the “Private Placement”). The Company has issued: (i) 7,112,665 units (the “Units”) at an issue price of $0.15 per Unit, each Unit consisting of one common share of the Company and half of one common stock purchase order (each entire warrant, a “Warrant”), each Warrant entitling its holder to purchase one common share of the Company at a price of $0.25 per share for a period of twenty-four months from the closing date of the Private Placement ; and (ii) 4,395,000 conduit shares at an issue price of $0.20 per share.

Logo of Mansa Exploration Inc. (CNW Group/Mansa Exploration Inc)

The finder’s fees of $111,748 are payable in cash. In addition, a total of 593,460 non-transferable finder’s warrants are to be issued (the “Finder’s Warrants”), with 335,160 Finder’s Warrant having an exercise price of $0.15 per share and 258,300 Finder’s Warrant having an exercise price of $0.20 per share. Each Finder’s Warrant entitles a finder to purchase one common share at the applicable strike price for two years from the issue date, expiring on December 29, 2023.

The Company intends to use the proceeds from the conduit shares for the ongoing general exploration of the Company’s mineral exploration properties in Canada.

All securities issued pursuant to the Offering will be subject to a statutory retention period of four months in accordance with Canadian securities laws.

Update on the Voltage Metals Inc. acquisition.

The Company continues to work towards the completion of the acquisition (the “Acquisition”) of Voltage Metals Inc. (“Voltage”) – see the Company’s press releases dated August 16, 2021 and December 3, 2021. Further update will be provided in the coming weeks.

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About Mansa Exploration

Mansa Exploration is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE) under the symbol MANS. Mansa currently has an option to acquire a 100% stake in the 1,900-acre Skyfire site in the Caribou mining area of ​​central British Columbia, Canada. Mansa can earn 100% interest by making a total of $1,250,000 in exploration expenses on the property by December 31, 2022. Mansa is also investigating Ni-Cu-PGE mineralization on his 19,750-acre Wheeler property in southwestern Newfoundland. and Labrador.

About Voltage Metals Inc.

Voltage is a mineral exploration company with a highly experienced team focused on the St. Laurent project spanning 4,170 acres and located in St. Laurent Township, Northern Ontario, 100 miles northeast of Timmins, 50 miles south of Detour Lake Mine and 20 kilometers southwest of the Casa Berardi mine.

Past shallow drilling at the St. Laurent Project identified dispersed multi-element sulfide mineralization across notable latitudes that tended to have a large gabbro-hosted magnetic feature. The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. Importantly, this mineralized zone coincides with a strong 600m long EM drift.

The drilling has not yet traversed massive sulfides and the EM anomaly has not yet been explained. The dispersed sulfide halo provides an important vector to guide future exploration work ahead.

Voltage is party to a purchase agreement (the “Purchase Agreement”) dated June 20, 2020, as amended on March 1, 2021, with Pancontinental Resources Corp. (“Pancon”), under which Pancon’s Voltage has a 100% interest in the St. Laurent Project, along with the Montcalm Project, the Nova Project and the Gambler Project, the latter three being early stage exploration projects Montcalm Greenstone Belt, about 40 miles northwest of Timmins, Ontario. Subject to the terms of the Purchase Agreement, Voltage has one outstanding payment to Pancon of $200,000 by December 31, 2021.

Trading Mansa Shares

Trading in the Shares of the Company on the CSE has been discontinued in connection with the press release on August 16, 2021 announcing the letter of intent regarding the acquisition. Dealing in the Shares will remain suspended pending the assessment of the Acquisition by the CSE and the fulfillment of all conditions of the CSE for the resumption of trading. It is probable that trading in the Shares of the Company will not resume until the Acquisition has been completed.

None of the securities issued in connection with the Acquisition will be registered under the United States Securities Act of 1933, as amended (the “1933 Deed”), and none of such securities may be offered or sold in the United States without registration or any applicable exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to purchase, nor will any sale of the securities be made in any state where such offer, solicitation or sale would be unlawful.

The completion of the acquisition is subject to a number of conditions, including acceptance by CSE and approval by shareholders of the company. There can be no assurance that the Acquisition will be completed as proposed or not completed at all.

Investors are cautioned that any information released or received in relation to the Acquisition may not be accurate or complete and should not be relied upon. Trading in Mansa’s securities should be considered highly speculative.

The CSE has not in any way passed on the merits of the Acquisition and associated transactions and has in no way approved or disapproved of the contents of this press release. The CSE has not reviewed this press release and assumes no responsibility for the appropriateness or accuracy of this press release.

Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, relating to activities, events or developments that the company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this press release include statements regarding: the proposed terms and closing date of the acquisition; the consideration payable in connection with the closing, resale and escrow restrictions in respect of the securities to be issued in connection with the Acquisition; the activities of the Resulting Issuer, the requalification for listing of the Resulting Issuer on the CSE, the proposed corporate name of the Resulting Issuer and the expected changes to the Resulting Issuer and the management of the Resulting Issuer in connection with the Closing. Forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that could cause results to differ materially from those discussed in the forward-looking statements.

While the company believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, such statements should not be undue reliance on their inherent uncertainty. Factors that could cause actual results or events to differ materially from current

SOURCE Mansa Exploration Inc

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/31/c2890.html

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