Meridian Announces Closing of CAD 17.2 Million Oversubscribed Non-Brokered Private Placement
NEWS RELEASE TSX: MNO - OTCQX: MRRDF
meridianmining.co
8th Floor, 4 More London Riverside | London SE1 2AU | United Kingdom
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
MERIDIAN ANNOUNCES CLOSING OF CAD 17.2 MILLION OVERSUBSCRIBED
NON-BROKERED PRIVATE PLACEMENT
LONDON, United Kingdom, February 19, 2025 / Accesswire / Meridian Mining UK S (TSX: MNO),
(Frankfurt/Tradegate: 2MM) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to announce
that it has closed its previously announced non-brokered private placement (the “Private Placement”) of
common shares (the “Common Shares”) (see news releases January 28, 2025 and February 4, 2025 ).
Pursuant to the Private Placement, the Company has issued 44,187,432 Common Shares at a price of CAD
0.39 for gross proceeds to the Company of CAD 17,233,098.
Gilbert Clark, CEO, states: “I would like to thank Meridian’s institutional and retail shareholders, both
existing and new, for their ongoing support as we advance the Cabaçal Au-Cu-Ag VMS project towards it
becoming Brazil’s next near term mine developement.”
Insiders of the Company participated in the Private Placement and purchased an aggregate of 279,744
Common Shares. Participation of such insider s in the Private Placement 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 -101, as neither the fair market value of the securities issued to the
insiders nor the consideration paid by the insiders exceeded 25% of the Company's market capitalization.
None of the Company's directors expressed any contrary views or disagreements with respect to the
foregoing. The Company did not file a material change report 21 days prior to the closing of the Private
Placement as the details of the participation of the insiders of the Company had not been confirmed at
that time.
The net proceeds from the Private Placement are expected to be used in advancing the Cabaçal’s PFS,
initiate the FS and related programs as well as associated resource and exploration activities of the
broader Cabaçal Au -Cu-Ag VMS belt, regional targeting, and for working capital and general corporate
purposes.
The Common Shares issued pursuant to the Private Placement are subject to a four-month hold period
expiring on June 20, 2025. The Private Placement is subject to final approval of the Toronto Stock
Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States
and may not be offered or sold within the United States (as defined in Regulation S u nder the U.S.
Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or
pursuant to an exemption from such registration requirements.
TSX: MNO - OTCQX: MRRDF
meridianmining.co
ABOUT MERIDIAN
Meridian Mining is focused on:
• T
he development and exploration of the advanced stage Cabaçal VMS gold-c
opper project;
• T
he initial resource definition at the second high er-grade VMS asset at Santa Helena as the first
stage of the Cabaçal Hub development strategy;
• Regional scale exploration of the Cabaçal VMS belt to expand the Cabaçal Hub strategy; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato
Grosso, Brazil).
The Preliminary Economic Assessment technical report (the “PEA Technical Report”) dated March 30,
2023, entitled: "Cabaçal Gold- Copper Project NI 43 -101 Technical Report and Preliminary Economic
Assessment, Mato Grosso, Brazil” outlines a base case after-tax NPV5 of USD 573 million and 58.4% IRR
from a pre -production capital cost of USD 180 million, leading to capital repayment in 10.6 months
(assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD
21.35 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 671 per ounce gold equivalent
for the first five years, driven by high metallurgical recovery, a low life -of-mine strip ratio of 2.1:1, and
the low operating cost environment of Brazil.
The Cabaçal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t
gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2%
copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut-off grade).
Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may
be found on the Company's website at www.meridianmining.co and under the Company's profile on
SEDAR+ at www.sedarplus.ca.
The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with
Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco
Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi,
(MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing
Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer MAIG) of GE21 Consultoria
Mineral.
On behalf of the Board of Directors of Meridian Mining UK S
Mr. Gilbert Clark - CEO and Director
Meridian Mining UK S
8th Floor, 4 More London Riverside
London SE1 2AU
United Kingdom
Email: [email protected]
Ph: +1 778 715-6410 (BST)
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Follow Meridian on Twitter: https://twitter.com/MeridianMining
Further information can be found at: www.meridianmining.co
Qualified Person
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by
National Instrument 43-101, has reviewed, and verified the technical information in this news release.
FORWARD-LOOKING STATEMENTS
TSX: MNO - OTCQX: MRRDF
meridianmining.co
Some statements in this news release contain forward-looking information or forward-looking statements
for the purposes of applicable securities laws. These statements address future events and conditions and
so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in Meridian's
most recent Annual Information Form filed on www.sedarplus.ca. While these factors and assumptions
are considered reasonable by Meridian, in light of management’s experience and perception of current
conditions and expected developments, Meridian can give no assurance that such expectations will prove
to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except
as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update
any forward -looking statement, whether as a result of new info rmation, future events, or results or
otherwise.