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Meridian Mining arranges C$9mln placement

Friday, February 10, 2017 13:15
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(Before It's News)

Meridian Mining Societas Europaea (CVE:MNO) said Friday it has entered into an agreement with Paradigm Capital Inc. to privately place of units of the company at a price of 70 cents per unit for aggregate proceeds of up to C$9mln.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable for one share for 24 months at a price to be determined in the context of the market.

The agent has also been granted an option to increase the size of the private placement by up to 15% of the base offering size, which option shall be exercisable until two business days prior the closing date.

The net proceeds from the private placement will be used to finance exploration and development activities at the company’s BMC project and recently acquired Bom Futuro project in northwestern Brazil, including financing the construction of a 69-kilovolt power transmission line at Bom Futuro which is required under the investment agreement relating to Bom Futuro following the completion of the company’s technical audit and due diligence. Certain proceeds may also be used for general corporate purposes.

The agent will receive a cash commission on the sale of the units equal to 7% of the aggregate gross proceeds of the units sold by the agent as well as that number of compensation options equal to 7% of the number of units placed by the agent. Each compensation option will be exercisable for one common share of the company for 24 months at the issue price.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173008/meridian-mining-arranges-c9mln-placement-173008.html

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