Proceeds slated to fund exploration of mineral projects, acquisitions
By Devika Patel
Knoxville, Tenn., Dec. 1 - Merit Mining Corp. said it completed a non-brokered private placement of stock. The deal priced for C$3.5 million on Nov. 24 and raised C$3 million.
The company sold 3.53 million common shares at C$0.85 apiece. The price per share reflects a 7.6% premium to the Nov. 23 closing share price of C$0.79.
Proceeds will be used for exploration work on the company's mineral projects, for the potential acquisition of additional mineral properties and for general working capital.
Merit is a mining company based in Vancouver, B.C.
| Issuer: | Merit Mining Corp.
|
| Issue: | Common shares
|
| Amount: | C$3,000,500
|
| Shares: | 3.53 million
|
| Price: | C$0.85
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 1
|
| Stock symbol: | TSX Venture: MEM
|
| Stock price: | C$0.81 at close Nov. 24
|
| Market capitalization: | C$26.39 million
|
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