Mercator Minerals Limited (TSX:ML) announced a private placement of common shares at $0.1224 per share with existing investor Daselina Investments Ltd. on December 12, 2013. The company will also receive bridge loan in the transaction. The gross proceeds will be equal to $100,000,000 plus the an amount equal to the accrued interest under the bridge loan given to Mineral Park Inc. by Daselina Investments Ltd. The investor will provide $14,000,000 bridge loan to Mineral Park Inc., wholly owned subsidiary of the company. The bridge loan will mature and be payable in the event the reverse merger is not completed and will accrue interest at a rate of 15% per annum. The company will issue 50,962,676 warrants to the investor in connection with the bridge loan transaction. Each warrant entitles the holder to purchase one common share at an exercise price of $0.1224 per share for a period of three years. The warrants will be exercisable if the reverse merger transaction is not completed and will be cancelled upon the completion of the reverse merger transaction. The initial commitment under the bridge loan is $10,000,000 and will be available upon satisfaction or waiver of certain conditions precedent. The initial commitment will increase to $12,000,000 on March 1, 2014 and $14,000,000 on April 1, 2014 if the reverse merger transaction has not yet been completed by these dates. The company will issue 34,685,741 warrants for initial advance of $10,000,000, 7,953,712 warrants for additional $2,000,000 amount, and 8,323,223 warrants for additional $2,000,000 amount. Renaissance Capital will act as financial advisor to the investor.

On December 23, 2013, the company announced that it has issued 50,962,676 warrants to the investor, out of which 34,685,741 warrants are exercisable as of the date. The company announced that it can drawdown $10,000,000 under the bridge loan with subsequent increase of $2,000,000 on each of March 1, 2014 and April 1, 2014.

On August 1, 2014, Mercator Minerals Limited cancelled the transaction.