Business
Meridian Announces Closing of C$50 Million LIFE Offering
London, United Kingdom--(Newsfile Corp. - August 7, 2025) - Meridian Mining UK S (TSX: MNO) (FSE:...
About this update from Meridian Mining Plc
[{"type":"text","content":"Meridian Announces Closing of C$50 Million LIFE OfferingLondon, United Kingdom--(Newsfile Corp. - August 7, 2025) - Meridian Mining UK S (TSX: MNO) (FSE: N2E) (\"Meridian\" or the \"Company\") is pleased to announce that it has closed the brokered private placement previously announced on July 24, 2025, for gross proceeds to the Company of C$50,000,000 (the \"Offering\") pursuant to the terms of the agency agreement dated August 7, 2025, (the \"Agency Agreement\") among the Company and Stifel Canada, BMO Capital Markets and Beacon Securities Limited, as co-lead agents and joint bookrunners (collectively, the \"Lead Agents\"), along with SCP Resource Finance LP, Cormark Securities Inc. and Raymond James Ltd. as co-agents (collectively, with the Lead Agents, the \"Agents\"). Pursuant to the Offering, the Agents sold 64,102,564 common shares of the Company (the \"Common Shares\") at a price of C$0.78 per Common Share.An insider of the Company participated in the Offering and purchased an aggregate of 7,371,795 Common Shares. Participation of such insider in the Offering constituted a \"related party transaction\" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), but was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to the insider nor the consideration paid by the insider exceeded 25% of the Company's market capitalization. None of the Company's directors expressed any contrary views or disagreements with respect to the foregoing. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insider of the Company had not been confirmed at that time. The Offering is subject to final approval from the Toronto Stock Exchange.The Company intends to use the net proceeds of the Offering to advance the definitive feasibility study for its Cabaçal Au-Cu project (\"Cabaçal\"), to continue to advance Santa Helena to an initial resource, to expand regional exploration programs on the wider Cabaçal VMS Belt and for general corporate and administration costs and general working capital, each as further described in the offering document filed by the Company on July 24, 20...