VANCOUVER, May 13 /CNW/ - Hong Kong Huakan Investment Co., Limited ("Huakan") announces that it has acquired 19,000,000 common shares (the "Shares") of Merit Mining Corp. ("Merit") pursuant to a private placement (the "Private Placement"). The shares were acquired a price of $0.50 per common share for aggregate gross proceeds of CDN$9,500,000.
Following the Private Placement, the common shares owned by Huakan represent 80.73% of the issued and outstanding common shares of Merit.
The Shares of Merit were acquired by Huakan for investment purposes. Depending upon market conditions and other factors that Huakan may deem material to its investment decisions, additional shares may be purchased in the open market or in private transactions. Depending on these same factors, shares currently owned (or hereafter acquired) by Huakan may be sold in the open market or in private transactions.
SOURCE HONG KONG HUAKAN INVESTMENTS CO., LIMITED
For further information: For further information: concerning the foregoing or a copy of the Early Warning Report referred to in this release, please contact: Jeffrey Ren, Hong Kong Huakan Investments Co., Limited, Tel: (604) 518-0136