Meritus Minerals to acquire Troy Mongolian Alt Resources

Meritus Minerals, Ltd., a Canada-based mineral resource company, has entered into an agreement with Troy Resources NL to acquire all of the shares in Troy Mongolian Alt Resources (TMAR).

Troy Resources is an Australia-based company engaged in mining, exploration and production of gold and other base metals. TMAR is a Mongolia-based gold mining company.

The consideration payable includes CAD0.5 million ($0.49 million) in cash to be paid in two tranches, issue of 7 million common shares in seven equal tranches over 30 months and the issue of 7 million three year share purchase warrants to Troy Resources. Each purchase warrant will entitle the holder to acquire a further common share exercisable at $0.25 ($0.24) in the first year, $0.35 ($0.34) in the second year and $0.50 ($0.49) in the third year.

Deal Type Acquisition

Sub-Category 100% Acquisition

Deal Status Announced: 2010-01-20

Deal Participants

Target (Company) Troy Mongolian Alt Resources

Acquirer (Company) Meritus Minerals, Ltd.

Vendor (Company) Troy Resources NL

Deal Rationale

With the sale of TMAR, TROY will be able to refocus its efforts in South America around the Casposo Gold-Silver Development project and in Andorinhas Gold Mine. The acquisition will fast track Meritus' previously planned exploration work and allow for early focus on areas of interest.

For full details on (TRYRF) TRYRF. (TRYRF) has Short Term PowerRatings at TradingMarkets. Details on (TRYRF) Short Term PowerRatings is available at This Link.

For full details on (760233Z) 760233Z. (760233Z) has Short Term PowerRatings at TradingMarkets. Details on (760233Z) Short Term PowerRatings is available at This Link.

Source:www.tradingmarkets.com
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