Merrex Gold Closes $1,500,000 Share Exchange Agreement
March 10 2014 - 7:59AM
Access Wire
HALIFAX, NOVA SCOTIA / ACCESSWIRE /
March 10 2014 / Greg Isenor, President and CEO of Merrex
Gold Inc., ("Merrex") (TSX Venture:
MXI) announces:
Share Exchange Agreement with
Global Resources Investments Trust Closes
Merrex has closed its C$1,500,000 arm's
length share exchange financing with London-based investment fund
Global Resources Investments Trust plc. ("GRIT").
The Company has issued 30,000,000 common shares of Merrex
at C$0.05 per common share in exchange for 813,450
ordinary GRIT shares at ?1.00 per share. The
Merrex shares are subject to a four-month hold period
expiring July 8, 2014. The GRIT shares are free trading on
the London Stock Exchange.
The Company will now seek to sell the GRIT Shares through the
facilities of the London Stock Exchange. During the first six
months, all sales of GRIT Shares will be arranged by GRIT. While
the Company will seek to maximize the proceeds it receives from the
sale of its GRIT Shares, there is no assurance as to the timing of
disposition or the amount that will be realized.
Closing of this transaction significantly improves the
Company's working capital.
About Global Resources Investments
Trust
GRIT was established to exploit investment opportunities
in the junior mining and natural resources sectors worldwide. Its
investment objective is to generate medium and long-term capital
growth. GRIT has conducted share exchange transactions
with 41 junior resource companies (32 headquartered in Canada),
acquiring an initial portfolio of their securities in exchange for
39,520,012 ordinary shares having a deemed value of ?39,520,012
(approximately C$73,250,000)
The GRIT Shares were distributed pursuant to a prospectus
published by GRIT in the UK on February 28, 2014. GRIT's
application to list its ordinary shares on the premium listing
segment of the Official List and to trade on the London Stock
Exchange's Main Market became effective March 7, 2014.
The Main Market is the London Stock Exchange's
flagship market for larger, more established
companies, and is the world's most international market for
the trading of equity, debt and other securities with over 2,600
listed companies from 60 countries across 40 sectors, including
many of the world's largest, most successful and most dynamic
companies.
GRIT's distribution of the GRIT Shares to the Company and other
Canadian-based issuers was also made pursuant to a Discretionary
Exemption Order granted by the Ontario and British Columbia
Securities Commissions November 13, 2013.
About Merrex's
Siribaya Gold Project
The Siribaya Gold Project is a 50/50
joint Merrex-IAMGOLD advanced-stage gold exploration project in
West Mali comprised of approximately 910 square kilometres of
gold-prolific exploration permits and permit applications pending.
Exploration of the Siribaya Gold Project is conducted under a joint
management committee. Expenditures to date on the Siribaya Project
total approximately $37 million.
The Siribaya Gold Project presently hosts a
NI 43-101 compliant gold resource estimated at 303,900 ounces
grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t
Inferred (July 31, 2012 ACA Howe International Limited); the
deposit areas are open to the north, south and at depth. Numerous
other gold-anomalous target areas have been identified by
geochemistry and require drilling.
Gregory P. Isenor, P. Geo., is the Qualified
Person as defined under NI 43-101 who has reviewed and is
responsible for the technical information presented in this news
release.
Merrex is primarily a West African focused
gold exploration company with experienced management, a solid
exploration team, a prominent gold-producer as a partner and an
expanding gold resource ... a winning combination.
For further details about the
Company's exploration activities or to view the most recent
corporate presentation visit Merrex's website at
www.merrexgold.com.
To be added to Merrex's email contact
list please email your request to info@merrexgold.com.
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold
Inc.
Suite 802, 1550 Bedford Highway, Bedford, NS B4A 1E6
Tel.: (902) 832-5555 Fax: (902) 832-2223
This press release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, that address future exploration drilling, exploration
activities and events or developments that the Company expects, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions. In
particular there is no assurance that the Company will realize at
least ?1.00 per GRIT Share upon the sale thereof, or that the
Company will realize proceeds from the sale of the GRIT Shares in a
timely manner.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Merrex Gold Inc. (TSXV:MXI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Merrex Gold Inc. (TSXV:MXI)
Historical Stock Chart
From Oct 2023 to Oct 2024