By Devika Patel
Knoxville, Tenn., May 12 - Merit Mining Corp. said it raised C$9.5 million in the first tranche of a private placement of stock. The deal priced for C$15.5 million on April 20.
The company is selling 27,955,223 common shares to Hong Kong Huakan Investment Co., Ltd. It sold 19 million shares at C$0.50 apiece in this tranche.
The second tranche of $6 million, priced at C$0.67 per share, will be completed by June 30.
Proceeds will be used to repay debt, 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 first tranche; C$0.67 for second tranche
|
| Warrants: | No
|
| Investor: | Hong Kong Huakan Investment Co., Ltd.
|
| Pricing date: | April 20
|
| Settlement date: | May 12 (for C$9.5 million), June 30
|
| Stock symbol: | TSX Venture: MEM
|
| Stock price: | C$1.10 at close April 20
|
| Market capitalization: | C$4.21 million
|
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