Manhattan funds work program

Five private investors have agreed to buy more than 1 million special warrants of Manhattan Minerals (MAN-T) at $2.95 each. Gross proceeds are expected to total $3 million.

Each special warrant will allow the holder to acquire one share and one warrant entitling the purchase of an additional share at $6 for up to one year. The private placement is expected to close Jan. 20.

Proceeds will be used to explore the Tambo Grande project in northern Peru, once the government approves the transfer of a 75% interest in that project.

Tambo Grande covers 100 sq. km and is host to a volcanogenic massive sulphide deposit. The resource is estimated at 42.3 million tonnes grading 2.04% copper, 1.47% zinc and 0.36% lead, plus 37.7 grams silver per tonne.