By Laura Lutz
Des Moines, June 7 - Merrex Gold Inc. completed a private placement of units for C$7,402,400.
The company plans to sell 7.792 million units of one share and one half-share warrant at C$0.95 per unit. Each whole warrant will be exercisable for 18 months, at C$1.25 for the first year and at C$1.75 thereafter.
Pacific International Securities Inc. will lead a syndicate of agents that also includes Paradigm Capital Inc. and Wellington West Capital Markets Inc.
Proceeds will be used for exploration and development, for the investigation and potential acquisition of new initiatives and projects, and for general corporate purposes.
Merrex is a resource exploration company based in Halifax, N.S.
| Issuer: | Merrex Gold Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,402,400
|
| Units: | 7.792 million
|
| Price: | C$0.95
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25 for the first year; C$1.75 thereafter
|
| Agents: | Pacific International Securities Inc. (lead), Paradigm Capital Inc., Wellington West Capital Markets Inc.
|
| Settlement date: | June 7
|
| Stock symbol: | TSX Venture: MXI
|
| Stock price: | C$0.90 at close June 7
|
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