- Meridian Mining (MNO) announced that it expects to issue $5.9 million of common shares at $0.35 per share
- Net proceeds will be used primarily to fund the completion of the Cabaçal Project PEA and the exploration program
- Meridian will seek shareholder authorization to issue additional shares and will convene a shareholder meeting on December 30, 2022
- The offering is expected to close on December 30
- Meridian Mining UK S is focused on the acquisition, exploration, and development activities in Brazil
- Meridian Mining UK Societas (MNO) opened trading at C$0.385
Meridian Mining (MNO) announced that it expects to issue $5.9 million of common shares at $0.35 per share.
The offering may be further increased to the maximum permitted under the Listed Issuer Financing Exemption.
The offering is led by Beacon Securities Limited as sole bookrunner on behalf of a syndicate of agents, including Raymond James Ltd., Cormark Securities Inc., and PI Financial Corp. Meridian has agreed to pay the agents a cash commission and non-transferable compensation options on the gross proceeds of the offering. Each compensation option will entitle the holder to acquire one additional common share for a period of 24 months from the closing of the offering.
Net proceeds will be used to fund the completion of the Cabaçal Project PEA, the Cabaçal Project exploration program, property payment under the Cabaçal Purchase Agreement, general corporate and administrative costs and general working capital.
The closing of the offering is subject to the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. In addition, Meridian will seek shareholder authorization to issue additional shares and will convene a shareholder meeting to be held on December 30, 2022. As a result, the closing of the offering has also been moved to December 30, 2022.
Meridian Mining UK S is focused on the acquisition, exploration, and development activities in Brazil.
Meridian Mining UK Societas (MNO) opened trading at C$0.385.