Merit Mining closes US$15.5 million private placement with Hong Kong Huakan Investment

On June 29, 2010, Merit Mining Corp. announced that it had closed the second tranche of a previously announced private placement by the company to Hong Kong Huakan Investment Co., Limited. The second tranche was comprised of 8,955,223 common shares, priced at $0.67 per share, for gross proceeds of $6 million. The first tranche closed on May 12 and was comprised of 19,000,000 common shares, priced at $0.50 per share, for gross proceeds of $9.5 million. Merit Mining was advised in this private placement by Blair Horn and Prentice Durbin of Fasken Martineau.