Meritus Announces TSX-Venture Approval Of Private Placement
August 3 2011
Vancouver, B.C.: MeritusMinerals Ltd. (MML) (TSX-V – MER) (the “Company”) announces that the TSX-Venture Exchange has accepted for filing documentation with respect to the closing the of its private placement previously announced on July 22 & 26, 2011. The Company will issue 10,370,000 units ("Units") at a price of $0.05 per Unit. Each Unit consists of one common share and one 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 “Unit Warrants”).
The Unit Warrants are subject to an acceleration clause whereby if, after the four month hold period has expired, the Company’s shares trade above $0.15 for a period of fifteen consecutive trading days, the Company will have the option to require the exercise of the Unit Warrants within 15 days of formal notice from the Company.
There is a statutory hold period of 4 months plus 1 day, expiring December 3, 2011 on all shares and warrants issued pursuant to this private placement.
The Company will pay finders’ fees of $37,400 and will issue 748,000 broker warrants the “Broker Warrants”), each Broker Warrant entitling the holder to acquire one common share of the Company at $0.05 per share for a period of 12 months from closing, in conjunction with the closing of this financing.
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
For further Information please email to: email@example.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 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