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.
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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.
