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Meryllion Resources Corp. Announces Proposed Private Placement

02.03.2021  |  Newsfile

Toronto, March 2, 2021 - Meryllion Resources Corp. (CSE: MYR) ("Meryllion" or the "Corporation") wishes to announce a proposed non-brokered private placement of up to 11,538,461 common shares at a price of $0.065 per share in order to raise up to $750,000. The Corporation will use the proceeds of the private placement for working capital purposes.

Insiders of the Corporation are expected to participate in the private placement which will be considered a related-party transaction within the meaning of Multi-Lateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5 (a) and 5.7(1)(a) of MI 6-101 in respect of any insider participation.

The Corporation also announces that it has entered into agreements pursuant to which the Company proposes to settle outstanding directors' fees by way of issuance of 100,000 common shares in the capital stock of the Corporation at a deemed issue price of $0.10 per share to each of two former long-term independent directors.

All shares to be issued pursuant to the private placement and the debt settlement will be subject to a hold period of four months and one day from the date of issuance.

Closing of the private placement and the debt settlement remains subject to approval of the Canadian Securities Exchange.

For further information please contact:
Mr. Jeremy Edelman
Director and Chief Executive Officer
Meryllion Resources Corp.
E: jeremy@edelman.cc

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75828


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