Meritus Announces Non-Brokered Private Placement
Vancouver, B.C.: Meritus Minerals Ltd. (the “Company”) (TSX-V – MER) announces that it will be conducting a non brokered private placement of 10 million units at a price of $0.05 per unit to raise proceeds of $500,000. The company reserves the right to increase the placement to up to 15 million units depending on demand.
Each unit will consist of one share and one half of a share purchase warrant. Each full warrant will entitle the holder to acquire one additional common shares of the company at a price of $0.10 per share for a period of six months from closing and at a price of $0.15 for the subsequent 12 months (ie 18 months after closing). The exercise of the warrants is subject to the right of the company to accelerate the exercise period to 15 days if after the 4 months hold period has expired the shares of the company trade at $0.23 or above for a period of 15 consecutive days.
Finder’s fees in accordance with TSX-V policies may be payable in respect of the placement.
The proposed private placement is subject to the approval of the TSX Venture Exchange. Funds raised are to be used to start the process of applying for mining licences on the Company’s Gutain Davaa gold project and for general corporate expenses.
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.
On Behalf of the Board of Directors
Meritus Minerals Ltd.
Terence E. Bates - CEO and President
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 release.
For further Information please visit our website at: www.meritusminerals.com