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LONDON, Oct. 19, 2021 /CNW/ - Meridian Mining UK Societas
(TSXV: MNO) (FRANKFURT: 2MM)
(Tradegate: 2MM) (OTCQB: MRRDF) ("Meridian" or the
"Company") is pleased to announce that it has closed the
brokered private placement previously announced on September 28, 2021 for gross proceeds to the
Company of $10,384,500, which
included the full exercise of the agents' option (the
"Offering"). Pursuant to the Offering, the Company issued
14,835,000 common shares of the Company (the "Shares") at a
price of $0.70 per Share.
Beacon Securities Limited acted as lead agent and sole
bookrunner on behalf of a syndicate of agents which included PI
Financial Corp., CIBC World Markets Inc. and Cormark Securities
Inc. (collectively, the "Agents"). In connection with the
Offering, the Agents received a cash commission in an amount equal
to 6% of the gross proceeds from the Offering, excluding proceeds
from the Company's president's list, which was not subject to any
commission.
The net proceeds from the Offering will be used to advance the
Company's camp scale Cabaçal VMS Copper-Gold-Silver Project in
Mato Grosso, Brazil, and for
working capital and general corporate purposes.
The Shares issued pursuant to the Offering are subject to a
statutory hold period expiring on February
20, 2022. The Offering remains subject to final
acceptance by the TSX Venture Exchange (the "TSXV").
The Offering included a subscription from a director and officer
of the Company for an aggregate of 72,000 Shares. The issuance of
Shares to a director and officer of the Company, pursuant to the
Offering, is considered a related party transaction within the
meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). The Company relied on exemptions from the
formal valuation and minority approval requirements in Sections
5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party
transactions on the basis that the fair market value (as determined
under MI 61-101) of the transactions do not, in aggregate, exceed
25% of the market value of the Company.
About Meridian
Meridian Mining UK Societas is focused on the acquisition,
exploration, and development activities in Brazil. The Company is currently focused on
resource development of the Cabaçal VMS Copper-Gold-Silver project,
exploration in the Jaurú & Araputanga Greenstone belts located
in the state of Mato Grosso;
exploring the Espigão polymetallic project and the Mirante da Serra
manganese project in the State of Rondônia Brazil.
Cautionary and Forward-Looking Statements
This news release includes certain forward-looking statements
concerning the use of proceeds of the Offering, receipt of final
TSXV approval and all other statements that are not historical
facts, particularly statements that express, or involve discussions
as to, expectations, beliefs, plans, objectives, assumptions or
future events or performance of the Company. Often, but not always,
forward-looking statements can be identified through the use of
words or phrases such as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements contained in
this news release are made based on reasonable estimates and
assumptions made by management of the Company at the relevant time
in light of its experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors that are believed to be appropriate and reasonable in
the circumstances. Forward-looking statements contained in this
news release are made as of the date of this news release and the
Company will not update any such forward-looking statements as a
result of new information or if management's beliefs, estimates,
assumptions or opinions change, except as required by law. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
the reader is cautioned not to place undue reliance on
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Meridian Mining UK Societas