Mercator Minerals completes two financings raising $162 million

On February 15, 2007, Mercator Minerals Ltd. completed its public offering of 8,337,500 common shares at a price of C$3.00 per share and 120,000 units at a price of US$980.00 per unit. Along with the common shares (TSX: ML), the notes and warrants were listed on the TSX under ML.NT.U and ML.WT respectively. The offering was oversubscribed, raising gross proceeds of C$164 million. The syndicate of agents was led by Jennings Capital Inc. and included Laurentian Bank Securities Inc., TD Securities Inc. and Acumen Capital Finance Partners Limited.

The net proceeds of the offering will be used together with the Company's existing cash resources to fund the expansion of the Mineral Park copper mine near Kingman, Arizona and for other general corporate purposes and working capital.

Mercator Minerals is a copper producer that owns and operates the Mineral Park copper mine in Arizona, with a corporate strategy focused on maximizing the production potential of the Mineral Park copper-molybdenum deposit.

DuMoulin Black LLP represented Mercator Minerals Ltd. with a team comprised of Corey Dean, Dirk Mattheus and Victoria Steeves (corporate and securities). Thorsteinssons LLP acted as special tax counsel with a team comprised of Michael McLaren and Michael Colborne. Kenneth Sam, Jason Brenkert, John Hollinrake Jr. and Shona Smith of Dorsey & Whitney LLP acted as United States counsel to Mercator Minerals Ltd.

Fasken Martineau DuMoulin LLP represented the agents with a team that included Chuck Higgins and Jennifer Armstrong (securities); Darrell Podowski and Sarah Mamoser (corporate); Brian Wright, David Johnson and Daye Kaba (debt); and Ron Nobrega (tax). Sarah Strunk and Marc Marra of Fennmore Craig P.C. acted as special United States mining counsel.


Brian G. Wright David I. Johnson Charles L.K. Higgins Ronald E. Nobrega Daye Kaba Darrell W. Podowski Jennifer I. Armstrong


DuMoulin Black LLP Thorsteinssons LLP Dorsey & Whitney LLP Fasken Martineau DuMoulin LLP