Meridian Secures CAD 17.2 Million in Oversubscribed Private Placement to Accelerate Growth

Meridian Innovation Pte Ltd, a pioneering developer of low-cost, mass-producible thermal imaging sensors, has successfully closed an oversubscribed non-brokered private placement, raising CAD 17.2 million. The company issued 44,187,432 common shares at CAD 0.39 per share, with participation from new investors, strategic partners, and existing investors. This funding will enable Meridian to scale operations, accelerate product development, and expand its reach into broader consumer and commercial markets.

The company's patented Complementary Metal-Oxide-Semiconductor (CMOS) technology guarantees a significantly lower cost of manufacturing while maintaining the highest levels of performance for the consumer and commercial markets. Over the past few years, Meridian has shipped to many customers in numerous market segments, including IoT devices, smart appliances, in-cabin automotive monitoring, AI-assisted baby monitoring and elderly care, security and safety products, as well as portable thermography instruments.

The net proceeds from the private placement will be used to advance the Cabaçal Au-Cu-Ag VMS project in Brazil, specifically for PFS advancement, FS initiation, resource and exploration activities, regional targeting, and working capital. The issued shares are subject to a four-month hold period expiring on June 20, 2025, pending final Toronto Stock Exchange approval.

Gilbert Clark, CEO of Meridian, expressed gratitude to both new and existing shareholders for their ongoing support as the company advances the Cabaçal Au-Cu-Ag VMS project towards becoming Brazil's next near-term mine development. Insiders of the Company participated in the Private Placement and purchased an aggregate of 279,744 Common Shares, constituting a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the transaction was exempt from formal valuation and minority shareholder approval requirements as neither the fair market value of the securities issued to the insiders nor the consideration paid by the insiders exceeded 25% of the Company's market capitalization.

The Preliminary Economic Assessment (PEA) technical report for the Cabaçal Au-Cu-Ag VMS project outlines a base case after-tax NPV5 of USD 573 million and an IRR of 58.4% from a pre-production capital cost of USD 180 million, leading to capital repayment in 10.6 months. The project has a low All-in-Sustaining-Cost (AISC) of USD 671 per ounce gold equivalent for the first five years, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.1:1, and the low operating cost environment of Brazil. The Cabaçal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t gold, 0.3% copper, and 1.4g/t silver, and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2% copper, and 1.1g/t silver (at a 0.3 g/t gold equivalent cut-off grade).



In conclusion, Meridian's oversubscribed private placement of CAD 17.2 million demonstrates strong investor confidence in the company's growth prospects and the potential of the Cabaçal Au-Cu-Ag VMS project. The funds raised will enable Meridian to advance the project, expand its market reach, and maximize shareholder value.