Business
Meridian Announces Closing of $18.4M Bought Deal Public Offering
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 $18.4M Bought Deal Public OfferingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.LONDON, UK / ACCESSWIRE / May 2, 2023 / Meridian Mining UK S (TSX:MNO)(Frankfurt/Tradegate:2MM) (\"Meridian\" or the \"Company\"), is pleased to announce that the Company has closed the bought deal offering previously announced on April 24, 2023 by issuing 36,800,000 common shares of the Company (the \"Offered Shares\") at $0.50 per Offered Share (the \"Issue Price\") for aggregate gross proceeds to the Company of $18,400,000 (the \"Offering\") pursuant to terms of the underwriting agreement (the \"Underwriting Agreement\") entered into among the Company, Beacon Securities Limited and Raymond James Ltd. (the \"Co-Lead Underwriters\"), Cormark Securities Inc., CIBC World Markets Inc. and Stifel Nicolaus Canada Inc. (collectively with the Co-Lead Underwriters, the \"Underwriters\"). The Offering included 4,800,000 Offered Shares issued pursuant to the full exercise of the over-allotment option by the Underwriters pursuant to the Underwriting Agreement.Mr. Gilbert Clark, Executive Chairman, comments: \"Meridian greatly appreciates the strong support from its existing and new shareholders, and the exceptional efforts of the Underwriters in positioning Meridian for long-term value creation. The Company's focus is on the development of the advanced Cabaçal copper-gold project and the unlocking of the exciting potential of this emerging 50km long, VMS belt in Brazil.\"The Company intends to use the net proceeds to advance the development of the Cabaçal project, regional exploration in the Cabaçal district and exploration of other Brazilian projects, working capital and general corporate purposes.An insider of the Company participated in the Offering and purchased an aggregate of 50,000 Offered Shares. Participation of the 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 Comp...