Merrex Gold Share Placement to IAMGOLD
19 Julho 2013 - 10:30AM
Access Wire
HALIFAX, NOVA SCOTIA -- (July
19, 2013) - Greg Isenor, President and CEO of Merrex Gold
Inc. ("Merrex") (TSX Venture: MXI)
announces:
Share Placement with IAMGOLD
Corporation
Merrex has arranged a shares-for-debt settlement with
one creditor. IAMGOLD Corporation has agreed to subscribe for
6,666,667 shares at a price of $0.06 per share to settle $400,000
of debt relating to the 2012 Siribaya Gold Project joint venture
exploration program. The remaining balance of debt relating to the
2012 Siribaya Gold Project joint venture exploration program will
be paid in cash concurrently with the issuance of the shares. The
issuance of the shares will increase IAMGOLD's shareholding in
Merrex from 17,616,883 shares (14.8%) to 24,283,550 (19.34%).
The shares are subject to a four month hold period from
the date of issuance. The debt settlement is subject to regulatory
approval.
About the 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 $35 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 offering
investors an extraordinary opportunity.
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.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
info@merrexgold.com
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.
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.
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