Meritus Announces Increase To Non-Brokered Private Placement
July 26, 2011
Vancouver, B.C.: MeritusMinerals Ltd. (MML) (TSX-V – MER) (the “Company”) Due to a strong response to its July 22, 2011 announcement of a private placement financing (the “Financing”), the Company has decided to increase the Financing from 8 million units (the “Units”) to 10 million Units, for total proceeds raised of $500,000. Each $0.05 Unit will consist of one common share and one a share purchase warrant with each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.10 per share for a period of 12 months from closing (the “Warrants”), subject to the right of the Company to accelerate the exercise period of the Warrants to 15 days if, after the 4 month hold period has expired, shares of the Company trade above $0.15 for a period of 15 consecutive days.
Finders’ fees in accordance with TSX.V policies may be payable in respect to the placement.
The proposed private placement is subject to approval of the TSX Venture Exchange and the funds raised are to be used on the Company’s exploration properties and for general corporate purposes.
For the purpose of this release the qualified person is Terence E. Bates, MSc (Geol), the Company’s Chief Executive Officer and President. All technical information in this release has been reviewed or compiled by Mr. Bates. Mr. Bates is a Fellow of the Australian Institute of Mining and Metallurgy, and is a qualified person as defined by NI 43-101.
Meritus Minerals Ltd. is a mineral exploration company committed to building shareholder value through the acquisition of base and precious metal properties. For additional information, contact Richard Schnoor at 604 618-9327 (toll free 866-637-5138).
On Behalf of the Board of Directors
Meritus Minerals Ltd.
Terence E. Bates - CEO and President
For further Information please visit our website at: www.meritusminerals.com
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 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 statement or information. Such factors include, among others, the actual price 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,