New Meridian Mining Corp.

October 26, 2009 09:00 ET

New Meridian Closes $500,000 Financing

CALGARY, ALBERTA--(Marketwire - Oct. 26, 2009) - New Meridian Mining Corp. ("New Meridian" or the "Corporation") (NEX:NWC.H) is pleased to announce that it has closed the non-brokered private placement of 3,333,333 units (a "Unit") at a price of $0.15 per Unit for gross proceeds of $500,000. Each Unit consists of one common share (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one Common Share at an exercise price of $0.30 per share for a period of one (1) year from the closing date. These securities were issued with a four-month hold period expiring on February 22, 2010.

In relation to the insiders who participated in the private placement as set forth above, the Corporation has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these units (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization). No new insiders were created as a result of this private placement.

A combined total of $23,804 was paid in finders fees. Completion of the private placement is subject to final regulatory approval. Proceeds of the private placement will be used to complete the transaction with Philippine Metals Corp. (the "Transaction") and for working capital following completion of the Transaction. Please see the news releases of the Corporation dated July 29, 2009 and May 28, 2009 for further details regarding the Transaction.

Neither the NEX nor its Regulation Services Provider (as that terms is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • New Meridian Mining Corp.
    Harry McGucken
    (403) 236-2222
    (403) 398-0693 (FAX)