New Issue: Merit Mining settles C$6 million of C$15.5 million placement of stock

By Devika Patel

Knoxville, Tenn., June 29 - Merit Mining Corp. said it took in C$6 million in the second tranche of a private placement of stock. The deal priced for C$15.5 million on April 20, and the company raised C$9.5 million in the first tranche on May 12.

The company sold 27,955,223common shares to Hong Kong Huakan Investment Co., Ltd. It sold 19 million shares at C$0.50 apiece in the first tranche. The second tranche consisted of 8,955,223 shares priced at C$0.67 per share.

Proceeds will be used to repay debt, to advance the Greenwood Gold project and for general corporate purposes.

Merit is a mining company based in Vancouver, B.C.

Issuer:	Merit Mining Corp.
Issue:	Common shares
Amount:	C$15.5 million
Shares:	27,955,223
Price:	C$0.50 (for 19 million shares), C$0.67 (for 8,955,223 shares)
Warrants:	No
Investor:	Hong Kong Huakan Investment Co., Ltd.
Pricing date:	April 20
Settlement date:	May 12 (for C$9.5 million), June 29 (for C$6 million)
Stock symbol:	TSX Venture: MEM
Stock price:	C$1.10 at close April 20
Market capitalization:	C$3.04 million

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