NEWS
RELEASE 08-09
Merit Mining Reports First Closing of Flow-Through Private
Placement
March 11,
2008 –
Vancouver, British
Columbia. Merit Mining Corp. (TSX-V: MEM) reports
that it has completed the first tranche of its previously announced non-brokered
flow-through private placement offering of up to 10,000,000 shares of the
Company, at a price of $0.35 per share.
At the first closing, the Company issued 7,011,364 shares for total gross
proceeds of $2,453,977. Securities
issued at the closing are all subject to a hold period until July
12, 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% ($120,948) of
the total subscription proceeds received from the subscribers introduced to the
Company.
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,
British
Columbia. 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.
“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.