NEWS RELEASE 08-12
Merit Mining Closes Final Tranche of Flow-Through Private Placement
April 17, 2008 – Vancouver,
British Columbia. Merit Mining Corp. reports that it has completed the final tranche of
its previously announced non-brokered flow-through private placement offering
totaling 7,844,906 shares of the Company, priced at $0.35 per share, for total
gross proceeds of $2,745,717.
At the closing of the final tranche, the Company issued 833,542 shares
for total gross proceeds of $291,739.70.
Securities issued at the final closing are subject to a hold period
until August 18, 2008.
Jory Capital Inc. assisted the Company by introducing
certain subscribers for the private placement and was paid a finder’s fee
equal to 5% ($13,536.99) of the total subscription proceeds received from the
subscribers introduced to the Company for the final closing.
The proceeds of the flow-through private placement
will be used by the Company for qualifying flow-through expenses on its J&L
polymetallic property (gold/silver/zinc/lead), located near Revelstoke,
BC.
An exploration program comprised of underground development (1,000
metres) commenced in December 2007 at the J&L property, with underground
diamond drilling (5,000 metres) planned to commence in May 2008.
Merit Mining Corp.
Signed “Fred Sveinson”
Fred Sveinson,
President & CEO
For further information
please contact:
Fred Sveinson at (604)
694-2344
For Investor Relations Information Contact:
MarketSmart Communications (604)
261-4466
(Toll Free 1-877-261-4466)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
The statements made
in this News Release may contain certain forward-looking statements. Actual events or results may differ from
the Company’s expectations.
Certain risk factors may also affect the actual results achieved by the Company.