Meridian Mining Completes $20.1M Public Offering for Cabaçal Project Advancement

Meridian Mining UK S has successfully concluded its previously announced bought deal public offering, raising gross proceeds of $20,125,000. The London-based mining firm issued 57,500,000 common shares at $0.35 each. The offering was upsized and included a full exercise of an over-allotment option, signaling robust investor confidence.

Executives express their gratitude for the support from both new and existing shareholders. The funding aims to advance the Cabaçal gold and copper project through critical development phases including a pre-feasibility study and extensive drilling efforts.

Notably, insiders of the company showed support by purchasing 10,190,000 shares, a transaction exempt from certain formal requirements due to its value relative to the company's market capitalization.

The issuance was qualified through a prospectus supplement and offered in select jurisdictions outside Canada, adhering to regulatory standards. Meridian Mining continues to focus on the exploration and development of the lucrative Cabaçal VMS gold-copper project in Mato Grosso, Brazil.