Dundee Corporation

Dundee Corporation

March 08, 2011 09:27 ET

Dundee Corporation Acquires Interest in Merc International Minerals Inc.

TORONTO, ONTARIO--(Marketwire - March 8, 2011) - In accordance with regulatory requirements, Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee" or the "Company") announced today that, through a wholly-owned subsidiary, it has acquired in a non-brokered private placement (the "Private Placement"), 14,640,000 flow-through common shares ("Shares") of Merc International Minerals Inc. ("Merc") at a price of $0.25 per Share. Concurrently, an account managed by Ned Goodman Investment Counsel Limited, a wholly-owned subsidiary of Dundee, has acquired 1,550,000 units ("Units") under the Private Placement at a price of $0.20 per Unit. Each Unit is comprised of one common share in the capital of Merc and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of $0.35 per common share for a period of two years from the closing date. In the aggregate, these holdings represent an approximate 18.86% interest in Merc on an undiluted basis or an approximate 19.59% on a partially diluted basis.

The position in Merc was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Contact Information

  • Dundee Corporation
    Ned Goodman
    President and Chief Executive Officer
    (416) 365-5665
    Dundee Corporation
    Lucie Presot
    Vice President and Chief Financial Officer
    (416) 365-5157