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Meridian Mining UK Societas
Symbol MNO
Shares Issued 304,840,887
Close 2025-02-03 C$ 0.425
Market Cap C$ 129,557,377
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Meridian Mining boosts private placement to $17-million

2025-02-04 10:00 ET - News Release

Mr. Gilbert Clark reports

MERIDIAN ANNOUNCES UPSIZE OF NON-BROKERED PRIVATE PLACEMENT TO UP TO CAD 17 MILLION

Due to substantial interest, Meridian Mining U.K. Societas's non-brokered private placement of common shares at 39 cents per common share, announced on Jan. 28, 2025, has been increased from $10-million to $17-million.

Pursuant to the private placement, the company proposes to issue up to 43,589,744 common shares for gross proceeds of up to $17-million. The net proceeds from the private placement are expected to be used in advancing Cabacal's prefeasibility study, to initiate the feasibility study and related programs as well as for associated resource and exploration activities of the broader Cabacal gold-copper-silver volcanogenic massive sulphide belt, for regional targeting, and for working capital and general corporate purposes. Finders' fees may be payable on a portion of the private placement.

The private placement is expected to close during the week of Feb. 17, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the Toronto Stock Exchange.

Securities to be issued pursuant to the private placement will be subject to a four-month hold period under applicable securities laws in Canada.

About Meridian Mining U.K. Societas

Meridian Mining is focused on:

  • The development and exploration of the advanced-stage Cabacal volcanogenic massive sulphide gold-copper project;
  • The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage of the Cabacal Hub development strategy;
  • Regional-scale exploration of the Cabacal VMS belt to expand the Cabacal Hub strategy;
  • Exploration in the Jauru and Araputanga greenstone belts (all located in the state of Mato Grosso, Brazil).

Qualified person

Erich Marques, BSc, FAIG, chief geologist of Meridian Mining, a qualified person as defined by National Instrument 43-101, has reviewed and verified the technical information in this news release.

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