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.
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Issue: | Common shares
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Amount: | C$3,000,500
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Shares: | 3.53 million
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Price: | C$0.85
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Nov. 24
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Settlement date: | Dec. 1
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Stock symbol: | TSX Venture: MEM
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Stock price: | C$0.81 at close Nov. 24
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Market capitalization: | C$26.39 million
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