Deal may help develop presence in northwest, assess ways to diversify
By Devika Patel
Knoxville, Tenn., Sept. 23 - Merc International Minerals Inc. said it sold 9,097,266 units at C$0.11 per unit in a non-brokered private placement.
The company took in C$1 million by selling units of one common share and one warrant. Each warrant will be exercisable at C$0.14 until Sept. 23, 2012.
The strike price reflects a 7.69% premium to the Sept. 22 closing share price of C$0.13.
Proceeds will be used for general corporate purposes.
"Closing this private placement is the first of many key milestones for Merc as we pursue value creation strategies focused on expanding our footprint in the Northwest Territories, while also assessing other opportunities in the precious metals space to diversify Merc's portfolio of assets," president and chief executive officer David Wiley said in a press release.
Based in Toronto, Merc is a mineral exploration company with an interest in the Borthwick Lake project in the Setting Net Lake area in northern Ontario.
| Issuer: | Merc International Minerals Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,000,699
|
| Units: | 9,097,266
|
| Price: | C$0.11
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 23, 2012
|
| Warrant strike price: | C$0.14
|
| Agent: | Non-brokered
|
| Settlement date: | Sept. 23
|
| Stock symbol: | TSX Venture: MRK
|
| Stock price: | C$0.14 at close Sept. 23
|
| Market capitalization: | C$4.03 million
|
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