Merritt Ventures may seek private placements to fund operations

By Sheri Kasprzak

New York, Oct. 24 - Merritt Ventures Corp. said a private placement may be in its future.

The company said in its latest form 10-QSB filed with the Securities and Exchange Commission that in order to fund its operations, a private and public offering of its stock may be required.

"As shown in the accompanying financial statements, the company has incurred a net loss of $159,540 for the period from Feb. 20, 2001 (inception) to June 30, 2005, and has no sales," said the report. "The future of the company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral properties.

"Management has plans to seek additional capital through a private placement and public offering of its common stock."

Merritt is conducting a private placement of 500,000 shares at $0.10 each. From that offering, the company has so far received $17,500 in proceeds.

The company's management has approved another private placement for up to 1.75 million shares at $0.10 each. From that deal, the company has received $124,000 in proceeds.

Based in Blaine, Wash., Merritt is a mineral exploration company.

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