Proceeds of non-brokered deal intended for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 7 - Merc International Minerals Inc. said it completed the initial tranche of a non-brokered private placement of units and stock. The deal will raise C$9.25 million, and the company pocketed C$9 million in this closing.
The company is selling units of one common share and one half-share warrant at C$0.20 per unit and flow-through shares at C$0.25 per share. It sold 14.4 million units and 24.48 million shares in this tranche.
Each full warrant will be exercisable at C$0.35 for two years. The strike price reflects a 16.67% premium to the March 4 closing share price of C$0.30. The price per flow-through share is a 16.67% discount to that price.
Proceeds will be used for drilling and exploration of Merc's gold properties in the Northwest Territories and for general corporate purposes.
Based in Toronto, Merc is a gold exploration company focused on advancing its Damoti Lake Gold Project in the Northwest Territories.
| Issuer: | Merc International Minerals Inc.
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| Issue: | Units of one common share and one half-share warrant, flow-through common shares
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| Amount: | C$9.25 million
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| Agent: | Non-brokered
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| Settlement date: | March 7 (for C$9 million)
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| Stock symbol: | TSX Venture: MRK
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| Stock price: | C$0.35 at close March 7
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| Market capitalization: | C$10.07 million
|
|
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| Units
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
|
|
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| Shares
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| Price: | C$0.25
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| Warrants: | No
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