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Message: Bought Deal Upsized to $20.0 Million
| January 9, 2009 |
| Mercator Announces Bought Deal Upsized to $20.0 Million |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. (figures in Canadian dollars) Mercator Minerals Ltd. ("Mercator" or the "Company") (TSX:ML) today announced that, in response to strong investor demand, it has upsized its previously announced bought deal of $15,000,020 (21,428,600 units) to $20,000,050 (28,571,500 units). Each unit ("Unit") is comprised of one common share (the "Common Shares") and one-half of one common share purchase warrant (the "Warrants"). Each whole warrant will entitle the holder to purchase one (1) Common Share of the Company at an exercise price of $1.00 for a period of 4 years following Closing. In addition, the Company has granted the underwriters an option to purchase up to an additional 15% of the Units at the issue price ($0.70 per Unit) exercisable within 30 days after closing of the Offering for additional gross proceeds of up to $3,000,000. The offering is led by Blackmont Capital Inc. Net proceeds of the issue will be used for capital expenditures at the Company's Mineral Park Mine and for general corporate and working capital purposes. This public Offering in Canada will be made by way of short-form prospectus. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Offering is scheduled to close on or about January 29, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the securities regulatory authorities. This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. Mercator Minerals Ltd. Mercator Minerals is a TSX listed mining company with only 74.8 million shares issued and an experienced management team that has brought one of the largest and most modern mining projects in North America to production in less than 2 years. Mercator management is dedicated to maximizing profits by making its Mineral Park Mine one of the lowest cost operations in the industry. On Behalf of the Board of Directors Mercator Minerals Ltd. Michael L. Surratt, President |
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