Meridian to raise $15m to advance Cabaçal project

Proceeds will be used for resource delineation drilling and continued…

min 6

Meridian Mining UK S has announced a bought deal to raise $15m, with Beacon Securities and BMO Capital Market acting as co-lead underwriters.

Beacon and BMO will act on behalf of a syndicate of underwriters.

Under the terms of the agreement, the underwriters will buy 42,860,000 common shares of Meridian at $0.35 each.

The net proceeds will be utilised for the Cabaçal project’s pre-feasibility study, resource delineation drilling and continued exploration, as well as for working capital and general corporate needs.

Meridian also provided the underwriters with an over-allotment option, exercisable in whole or in part, to purchase up to an additional 15% of the offered shares.

This option can be exercised if there is additional demand from investors, providing a potential increase in the total funds raised.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

company profile unit

Company Profile – free

Your download email will arrive shortly

We are confident about the
quality of our Company Profiles. However, we want you to make the most
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The offering is expected to close on or about 9 April 2024, subject to the satisfaction of various conditions such as the approval of the Toronto Stock Exchange.

Meridian Mining is focused on the regional scale exploration of the Cabaçal VMS belt in Mato Grosso, Brazil, as well as the development and investigation of the advanced-stage Cabaçal VMS gold-copper project.

Within the 50km VMS belt, Cabaçal is a gold-copper-silver-rich VMS deposit that has the potential to be mined independently.

In March 2021, Meridian obtained an environmental permit to start exploration activities at the Cabaçal volcanic massive sulphide project.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *