Proceeds of non-brokered deal intended for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 29 - Merc International Minerals Inc. said it completed a C$250,000 second and final tranche of a non-brokered private placement of units and stock. The C$9.25 million deal was announced on March 7, when the company pocketed C$9 million.
The company sold 14.65 million units of one common share and one half-share warrant at C$0.20 per unit and 25.28 million flow-through shares at C$0.25 per share. It sold 14.4 million units and 24.48 million shares in the first closing and 250,000 units and 800,000 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 general corporate purposes.
Based in Toronto, Merc is a gold 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 half-share warrant, flow-through common shares
|
| Amount: | C$9.25 million
|
| Agent: | Non-brokered
|
| Settlement date: | March 7 (for C$9 million), March 29 (for C$250,000)
|
| Stock symbol: | TSX Venture: MRK
|
| Stock price: | C$0.35 at close March 7
|
| Market capitalization: | C$8.92 million
|
|
|
| Units
|
| Amount: | C$2.93 million
|
| Units: | 14.65 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
|
|
| Shares
|
| Amount: | C$6.32 million
|
| Shares: | 25.28 million
|
| Price: | C$0.25
|
| Warrants: | No
|
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