Merc proposes private placement for up to $12,000,000
27 Février 2012 - 12:05PM
PR Newswire (Canada)
/Not for distribution to United States Newswire Services or for
dissemination in the United States/ www.mercinternational.ca
TORONTO, Feb. 29, 2012 /CNW/ - Merc International Minerals Inc.
("Merc") is pleased to announce that it has entered into an
agreement in connection with a private placement offering of up to
15,000,000 flow through shares ("FT Shares") at a price of $0.40
per FT Share and up to 18,182,000 units ("Units") at a price of
$0.33 per Unit for aggregate gross proceeds of up to $12,000,060
(the "Offering"). Each FT share shall consist of one common
share of Merc, which will qualify as a "flow-through share" within
the meaning of the Income Tax Act (Canada). Each Unit shall
be comprised of one common share and one-half of one common share
purchase warrant (each whole common share purchase warrant, a
"Warrant"). Each Warrant shall entitle the holder thereof to
acquire one common share of the Merc at a price of $0.50 for a
period of 18 months, subject to acceleration in certain
circumstances, following the closing of the Offering. A syndicate
of agents, led by Fraser Mackenzie Limited and including Jones,
Gable and Company Limited, Bellotti Goodman Capital Inc., Cormark
Securities Inc., and PowerOne Capital Markets Limited
(collectively, the "Agents"), have agreed to act on a best efforts
agency basis with respect to the Offering. Merc has agreed to pay
the Agents a commission equal to 6.0% of the aggregate gross
proceeds of the Offering and issue the Agents broker warrants (the
"Broker Warrants") exercisable in the aggregate for that number of
common shares of Merc equal in number to 6.0% of the number of FT
Shares and Units sold under the Offering. The Broker Warrants
will be exercisable at a price of $0.40 per common share for a
period of 18 months after the closing date of the Offering. The
Agents shall also have an option exercisable not later than 48
hours prior to the closing date of the Offering to sell additional
FT Shares and/or Units for aggregate proceeds of up to an
additional $1,800,000. The proceeds from the sale of the FT Shares
will be used for exploration for Merc's properties and the proceeds
from the sale of the Units will be used for general working capital
purposes. The Offering is scheduled to close on or about March 21,
2012 and is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals including the
acceptance by the TSX Venture Exchange. Any securities to be issued
will be subject to a hold period of four months and a day from the
closing date of the Offering in accordance with the rules and
policies of the TSX Venture Exchange and applicable Canadian
securities laws and such other further restrictions as may apply
under foreign securities laws. Merc International Minerals Inc.
Merc is a Canadian-based exploration company focused on acquiring
and developing gold mineral properties in the NWT. Its primary land
position covers 234,013 acres or 94,701 hectares in the Indin Lake
Gold Camp, located approximately 220 kilometres north of
Yellowknife, NWT and includes an NI 43-101 Inferred Mineral
Resource totalling 1.446 million oz Au with an average grade of
1.05 g/t Au using a block cut-off grade of 0.6 g/t Au. The
technical aspects of this press release have been reviewed by
Michael Byron, Ph.D., P.Geol., Chief Geologist and Director for
Merc, who is the "Qualified Person" as defined by NI 43-101 for
this project. 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 news release. 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 completion of the Offering, TSX
Venture Exchange acceptance and use of proceeds. 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. 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 Relations First
Canadian Capital Corp.(416) 742-5600 ext 232Email:
dboase@firstcanadiancapital.com
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