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, 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.