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|Tue Jan 3, 2006|
Merit Mining Increases Units Private Placement
January 3, 2006, Vancouver -- Merit Mining Corp. (TSX-V: MEM) has amended a nonbrokered private placement previously announced on December 12, 2005, to increase the number of units from 8,333,333 units to 10,300,897 units, for total gross proceeds of $927,081.
All other terms of the private placement remain the same as was previously announced, with the units, priced at $0.09 per unit, being comprised of one common share and one share purchase warrant. Each warrant is exercisable for two years, at an exercise price of $0.11 per share.
Insiders of the Company have subscribed for a total of 6,071,333 units (proceeds of $546,420).
Proceeds of the private placement will be used for advancement of the Company's Greenwood Gold Project, for potential acquisitions, and for general working capital. Securities issued pursuant to the private placements will be subject to a four month hold. The private placement is subject to acceptance for filing by the TSX Venture Exchange.
Merit Mining Corp.
Signed "Fred Sveinson"
Fred Sveinson, President & CEO
For further information please contact Fred Sveinson at (604) 694-2344
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
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