Wega Mining AS

May 19, 2010 15:52 ET

Wega Mining Announces Repayment of Convertible Debenture

TORONTO, CANADA and OSLO, NORWAY--(Marketwire - May 19, 2010) - Wega Mining AS ("Wega Mining") announces that the convertible debenture issued by Merit Mining Corp. in the amount of approximately $3,165,000 (including interest) held by Wega Mining has been repaid by Merit. Following this transaction, Wega Mining owns 1,890,701 common shares of Merit ("Merit Shares"), representing approximately 8% of the outstanding Merit Shares. Infinity Gold Mining Inc. failed to complete the purchase of a tranche of Merit Shares pursuant to an agreement between Wega Mining, its parent, Avocet Mining PLC, and Infinity, and as a result, Wega Mining is entitled to repurchase the 630,080 Merit Shares (approximately 2.7% of the outstanding Merit Shares) previously transferred to Infinity for $1 on or before July 29, 2010.

Wega Mining's investment in Merit will be reviewed on a continuing basis and its holdings of securities in Merit may be increased or decreased in the future.

Contact Information

  • For more information or a copy of Wega Mining's early
    warning report please contact:
    Wega Mining AS
    Hans-Arne L'orange
    +47 92426437
    or
    Wega Mining AS
    Fornebuveien 1
    P.O. Box 137
    1235 Lysaker
    Norway