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Meridian Announces Closing of C$5.9M Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. LONDON,...
About this update from Meridian Mining Plc
[{"type":"text","content":"Meridian Announces Closing of C$5.9M Private Placement FinancingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.LONDON, UK / ACCESSWIRE / December 30, 2022 / Meridian Mining UK S (TSX:MNO)(Frankfurt/Tradegate:2MM)(OTCQB:MRRDF) (\"Meridian\" or the \"Company\"), is pleased to announce that it has closed the brokered private placement previously announced on November 28, 2022 and December 7, 2022, for gross proceeds to the Company of C$5,862,549.70, (the \"Offering\") pursuant to the terms of the agency agreement dated December 30, 2022 between the Company and the Agents (the \"Agency Agreement\"). Pursuant to the Offering, Beacon Securities Limited, as lead agent and sole bookrunner on behalf of a syndicate of agents which included Raymond James Ltd., Cormark Securities Inc. and PI Financial Corp. (collectively, the \"Agents\"), sold 16,750,142 common shares of the Company (the \"Common Shares\") at a price of C$0.35 per Common Share. Pursuant to the terms of the Agency Agreement, the Agents received a 6% cash commission on the gross proceeds of the Offering and the Company also issued to the Agents compensation options (the \"Compensation Options\"), representing 3% of the Common Shares issued under the Offering, with each Compensation Option exercisable for one Common Share at an exercise price of C$0.35 for a period of two years following the closing, subject to adjustment in certain events.Certain insiders of the Company participated in the Offering and purchased an aggregate of 3,007,142 Common Shares. Participation of such insiders 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 insiders nor the consideration paid by the insiders 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 insiders of the Company had not been confirmed at that time....