LONDON, Aug. 23, 2017 /CNW/ - Meridian Mining SE (TSX V:
MNO) ("Meridian " or the "Company") today announced it has
increased the loan facility from The Sentient Group by US$500,000. The proceeds from the loan will be
used to evaluate Meridian's Gold Project in Espigão do Oeste,
Rondônia.
"The increase in the loan facility reflects the confidence in
the exploration targets being defined in Rondônia," said
Anthony Julien, President and CEO of
Meridian. "The proceeds will be used to fund our drilling and
trenching program and to extend soil geochemical coverage, which
remains open. Rondônia represents an exciting frontier for early
stage exploration."
Meridian first identified gold anomalies at its 100 per-cent
owned Espigão do Oeste project during stream geochemistry in 2016,
as discussed in the news release dated July
19, 2016. The Company announced that it had initiated
bedrock evaluation with a trenching program on June 14, 2017,
and announced it ha commenced drilling at the Coice de Cobra gold
target on August 1, 2017.
The Sentient Group has agreed to increase the non-arm's length
loan facility by US$500,000 to
US$7,500,000. All other terms remain the same. The loan
bears interest at a rate of 10% per annum and matures on
April 30, 2018.
The amendment of the loan facility constitutes a "related party
transaction" for purposes of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). The transaction is exempt from the valuation
and minority approval requirements of MI 61-101 in accordance with
sections 5.5(a) and 5.7(a), respectively, by virtue of the fact
that the value of the loan is less than 25% of the Company's market
capitalization.
On behalf of the Board of Directors of
Meridian Mining SE
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão manganese project, the Bom
Futuro tin JV area, and adjacent areas in the state of Rondônia.
The Company employs a two-pronged strategy with the objective of
growing pilot production while advancing a parallel multi-commodity
regional exploration program. Meridian is currently producing high
grade manganese at its project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include, among others,
statements with respect to the Company's plans for exploration and
development of its properties and potential mineralization. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such risk
factors include, among others, failure to obtain regulatory
approvals, failure to complete anticipated transactions, the timing
and success of future exploration and development activities,
exploration and development risks, title matters, inability to
obtain any required third party consents, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with strategic partners,
governmental regulation and supervision, seasonality, technological
change, industry practices and one-time events. In making the
forward-looking statements, the Company has applied several
material assumptions including, but not limited to, the assumptions
that: (1) the proposed exploration and development of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable terms.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate has been established. In particular, because the Company's
production decision relating to BMC's manganese project is not
based upon a feasibility study of mineral reserves, the economic
and technical viability of the Espigão manganese project has not
been established.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. Neither 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.
SOURCE Meridian Mining S.E.