04:25 PM EDT, 04/01/2024 (MT Newswires) -- Meridian Mining UK (MNO.TO) on Monday said it is raising C$15 million in a bought deal share offering to advance development of its Cabacal copper and gold project in Brazil..

The company said it is selling an underwriting syndicate 42.8 million shares at a price of $0.35 each. It is also granting the underwriters a 15% over-allotment option.

"The company intends to use the net proceeds to advance the Cabacal project, including for the purposes of a pre-feasibility study, resource delineation drilling and continued exploration on the property, working capital and general corporate purposes," it noted.

Meridian shares closed down C$0.01 to C$0.395 on the Toronto Stock Exchange.