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Meridian Announces Closing of $20.1M 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 $20.1M Bought Deal Public OfferingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.LONDON, UK / ACCESSWIRE / April 9, 2024 / Meridian Mining UK S (TSX:MNO)(Frankfurt/Tradegate:N2E) (\"Meridian\" or the\"Company\"), is pleased to announce that the Company has closed the bought deal offering previously announced on April 1, 2024 and upsized on April 2, 2024 by issuing 57,500,000 common shares of the Company (the \"Offered Shares\") at $0.35 per Offered Share (the \"Issue Price\") for aggregate gross proceeds to the Company of $20,125,000 (the \"Offering\") pursuant to terms of the underwriting agreement (the \"Underwriting Agreement\") entered into among the Company, Beacon Securities Limited and BMO Capital Markets (the \"Joint Bookrunners\"), and CIBC World Markets Inc., Cormark Securities Inc., Raymond James Ltd. and SCP Resource Finance LP (collectively with the Joint Bookrunners, the \"Underwriters\"). The Offering included 7,500,000 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 that have placed the Company on a sound financial base to advance the Cabaçal Project. Meridian can look to complete Cabaçal's PFS during a period of renewed interest in near term gold and copper developers. We are very pleased with the exceptional efforts of the Underwriters in positioning Meridian for long-term value creation.\"The Company intends to use the net proceeds to advance the Cabaçal gold & copper project, including for the purposes of a pre-feasibility study, resource delineation drilling and continued exploration on the greater belt upside, working capital and general corporate purposes.Insiders of the Company participated in the Offering and purchased an aggregate of 10,190,000 Offered Shares. Participation of the 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‐...