MERITUS CLOSES FIRST TRANCHE OF FINANCING
Vancouver, B.C.: Meritus Minerals Ltd. (MML) (TSX-V - MER) Meritus Minerals Ltd is pleased to announce that the TSX-Venture Exchange has accepted for filing documentation with respect to the closing of the first tranche of its non-brokered private placement previously announced on June 23, 2010. The Company will issue 5,118,750 units ("Units") at a price of $0.08 per Unit. Each Unit consists of one common share and one share purchase warrant with each whole warrant entitling the holder to acquire one additional common share at a price of $0.15 per share for a period of one year from closing (the "Unit Warrants").
There is a statutory hold period of 4 months plus 1 day, expiring November 21, 2010 on all shares issued pursuant to this private placement.
The Company will pay finder's fees of $20,200 in cash, 232,500 in Finder's Warrants, with each Finder's Warrant exercisable at $0.15 for a period one year from closing, and 20,400 in Finder's Units, with each Finder's Unit consisting of one common share of the Company and one share purchase warrant, each full warrant entitling the holder to purchase an additional common share of the Company for $0.15 for a period of one year from closing.
Meritus Minerals Ltd (C.MER) is a mineral exploration company committed to building shareholder value through the acquisition of base and precious metal properties. For additional information, contact Richard Schnoor at 604 618-9327.
On Behalf of the Board of Directors
Meritus Minerals Ltd.
Terence E. Bates - CEO and President
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.
For further Information please visit our website at: www.meritusminerals.com