08:27:03 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Mercator Minerals Ltd
Symbol ML
Shares Issued 315,675,277
Close 2014-06-26 C$ 0.095
Market Cap C$ 29,989,151
Recent Sedar Documents

Mercator draws another $1-million (U.S.) under loan

2014-06-27 08:09 ET - News Release

Mr. D. Bruce McLeod reports

MERCATOR MINERALS PROVIDES UPDATE IN CONNECTION WITH INTERGEO COMBINATION

In connection with the proposed business combination between Mercator Minerals Ltd. and Intergeo MMC Ltd. announced on Dec. 12, 2013, the company's wholly owned subsidiary, Mineral Park Inc. (MPI), has recently drawn down a further $1-million (U.S.) under the bridge loan advanced by Daselina Investments Ltd., Intergeo's controlling shareholder, in connection with the arrangement, taking the current principal balance outstanding under the bridge loan to $13-million (U.S.).

"We are pleased to have the continued support of Intergeo and its controlling shareholder as we work to complete our business combination. The additional interim funding will support Mercator's corporate and general working capital needs," commented D. Bruce McLeod, president and chief executive officer of Mercator. "Meanwhile given improved operations and current metal prices, the Mineral Park mine is currently generating positive operating cash flow and has reduced its trade payables to the lowest level since construction of the phase II mill expansion was completed in September, 2011."

Mercator continues to wait for a response from the Russian Federal Anti-Monopoly Services (FAS) in connection with the company's application made with FAS as specified in the company's June 2, 2014, press release. Further details will be provided when available.

Completion of the arrangement remains subject to the satisfaction or waiver of all remaining conditions precedent. Mercator will continue to provide updates as the arrangement advances toward completion.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.