Meritus Announces Closing Of Non-Brokered Private Placement
Vancouver, B.C.: MeritusMinerals Ltd. (MML) (TSX-V – MER) (the “Company”) announces that it has closed its non-brokered private placement previously announced on January 13, 2012 and November 7, 2011. The Company issued 4,100,000 units ("Units") at a price of $0.05 per Unit with each Unit consisting of one common share and one half share purchase warrant with each full warrant entitling the holder to acquire one additional common share at a price of $0.10 per share for a period of six months from closing and $0.15 for the following twelve months (the “Unit Warrants”). Total proceeds raised from this financing were $205,000.
The Unit Warrants are subject to an acceleration clause whereby if, after the four month hold has expired, the Company’s shares trade at or above $0.23 for a period of fifteen consecutive trading days, the Company will have the option to require the earlier exercise of these Unit Warrants.
Meritus Minerals Ltd (C.MER) is a mineral exploration Company committed to building shareholder value through acquisition of base and precious metal properties throughout the world. For additional information, contact Richard Schnoor at 604 618-9327.
For the purpose of this release the qualified person is Terence E. Bates, MSc (Geol) the Company’s CEO and President. All technical information in this release has been reviewed or compiled by Mr. Bates. Mr. Bates is a fellow of the Australian institutive of Mining and Metallurgy and a qualified person as defined by NI 43-101.
On Behalf of the Board of Directors
Meritus Minerals Ltd.
Terence E. Bates - CEO and President
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The TSX Venture Exchange has not reviewed and does not accept Responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the ‘safe harbor’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador