Mercator Minerals completes $80 million bought deal financing

On September 17, 2009, Mercator Minerals Ltd. (TSX - "ML") ("Mercator") announced that it had closed its previously announced bought deal offering of common shares. The underwriters, co-led by Jennings Capital Inc. and Scotia Capital Inc., and including Blackmont Capital Inc., Haywood Securities Inc. and Acumen Capital Finance Partners Limited, elected to exercise their over-allotment option in full, resulting in a total of 30,961,538 common shares being issued by Mercator for gross proceeds of $80,500,000.

Mercator intends to use the net proceeds of the prospectus offering to advance Stage 2 of the Phase IV expansion of its Mineral Park project and for working capital purposes.

The underwriters were advised by a team from Fasken Martineau led by Chuck Higgins and that included, among others, Daye Kaba, Amanda Fullerton and Jennifer Armstrong.