Merc completes $12.2 million private placement
19 März 2012 - 3:05PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./ TORONTO, March
21, 2012 /CNW/ - Merc International Minerals Inc. ("Merc") is
pleased to announce it has issued 28,302,400 units (the "Units") at
a price of $0.33 per Unit and 7,185,000 flow-through shares ("FT
Shares") at a price of $0.40 per FT Share for aggregate gross
proceeds of $12,213,792 pursuant to its previously announced
private placement (the "Offering"). Each FT Share consists of
one common share of Merc, which qualifies as a "flow-through share"
within the meaning of the Income Tax Act (Canada) and each Unit
consists of one common share and one-half of one common share
purchase warrant. Each whole common share purchase warrant
entitles the holder thereof to acquire one additional common share
of Merc at an exercise price of $0.50 per share until the earlier
of: (i) September 21, 2013, or (ii) in the event that the common
shares of Merc trade on the TSX Venture Exchange, or other
recognized stock exchange or market, as applicable, at a volume
weighted average price of $0.75 or more for a period of at least
ten consecutive trading days from September 21, 2012, Merc shall be
entitled to accelerate the time of expiry to a date ending at least
thirty (30) days from the date that notice of such acceleration is
provided to the holders of the common share purchase warrants.
Fraser Mackenzie Limited, as lead agent, Jones, Gable & Company
Limited, Cormark Securities Inc., Bellotti Goodman Capital Inc.,
PowerOne Capital Markets Limited and Euro Pacific Canada Inc.
(collectively, the "Agents") acted as agents for and on behalf of
Merc, with respect to the Offering, pursuant to which they received
a cash commission equal to 6% of the gross proceeds of the Offering
and 2,129,244 broker warrants (the "Broker Warrants") each of which
is exercisable to acquire one common share at a price of $0.40
until September 21, 2013. Members of management and certain
directors of Merc also participated in the Offering. The securities
issued are subject to a hold period expiring July 22, 2012 in
accordance with the rules and policies of the TSX Venture Exchange
and applicable Canadian securities laws and such further
restrictions as may apply under foreign securities laws. The gross
proceeds from the sale of the FT Shares will be used for
exploration for Merc's properties and the net proceeds from the
sale of the Units will be used for general working capital
purposes. The Offering remains subject to the final approval
of the TSX Venture Exchange. Merc International Minerals Inc. Merc
is a Canadian-based exploration company focused on acquiring and
developing gold mineral properties in the NWT. Its land position
covers 222,293 acres or 900 square kilometres in the Indin Lake
Gold Camp, located approximately 220 kilometres north of
Yellowknife, NWT. Forward-Looking Information This news release
contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, information with
respect to the use of proceeds and TSX Venture Exchange acceptance.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Merc to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
exploration, development and mining such as economic factors as
they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current
exploration activities, government regulation, political or
economic developments, environmental risks, permitting timelines,
capital expenditures, operating or technical difficulties in
connection with development activities, employee relations, the
speculative nature of gold exploration and development, including
the risks of diminishing quantities of grades of reserves, contests
over title to properties, and changes in project parameters as
plans continue to be refined as well as those risk factors
discussed in Merc's management discussion and analysis for the year
ended July 31, 2011, available on www.sedar.com. Although
Merc has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. Merc does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws. The securities offered
have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any U.S. state securities laws, and may not be offered or sold in
the United States or to, or for the account or benefit of, United
States persons absent registration or any applicable exemption from
the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. Merc International Minerals
Inc. CONTACT: David Wiley, President and CEO Merc International
Minerals Inc.(647) 260-1247(416) 363-4567 (FAX)Email:
dwiley@mercinternational.caDaniel Boase, Investor RelationsFirst
Canadian Capital Corp.(416) 742-5600 Ext. 232 Email:
dboase@firstcanadiancapital.com
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