(via Thenewswire.ca)
HALIFAX, NOVA SCOTIA / TheNewswire / June 3, 2016 - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:
Private Placement
The Company is proceeding with a non-brokered unit private placement offering (the "Offering") totaling C$3,512,000 at a price of $0.20 per unit. Each unit will be comprised of one common share and one share purchase warrant exercisable at $0.30 per warrant share for a term of 36 months.
The Offering is fully subscribed.
All securities issued will be subject to a four (4) month hold period from the date of closing. The Offering is subject to the approval of the TSX Venture Exchange.
Commissions and/or finder's fees payable in shares of the Company may be paid in respect of this Offering.
The net proceeds received from the Offering after payment of issue costs and finder's fees/commissions will be applied towards maintaining the Company's 50% interest in the Siribaya Gold JV with IAMGOLD Corporation including continued drilling of the Diakha resource zone in West Mali and for working capital.
About Merrex's Siribaya Gold Project
The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali which consists of 11 contiguous exploration permits which cover a total area of 876.5 square kilometres and is located in the Kedougou-Kenieba inlier of the West African Craton region of western Mali along the borders with Senegal and Guinea.
The Diakha, Siribaya 1B, and Taya Ko deposits are hosted within highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks proximal to the Senegal-Mali Shear Zone. At Diakha, gold mineralization occurs within an albitized sandstone similar to IAMGOLD's Boto gold deposit located approximately 10 kilometres to the north along strike. Zone 1B and Taya Ko occur within the north-northeast trending Siribaya structural trend, which extends over 10 kilometres along strike, and gold mineralization occurs within breccia-hosted stockworks or fault related silicified zones.
During 2014 and 2015 exploration was focussed primarily on the 1.2 km Diakha deposit area which is located along the Fekola-Boto trend in the western-most portion of land package approximately 10 kilometres south along strike of IAMGOLD's Boto gold deposit (scoping and pre-feasibility studies in progress) and approximately 20 kilometres south along strike from B2Gold's Fekola deposit (mine construction commenced).