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MERLIN MINING CO. ANNOUNCES SALE OF RESTRICTED COMMON STOCK

MERLIN MINING CO. ANNOUNCES SALE OF RESTRICTED COMMON STOCK
    SALT LAKE CITY, Oct. 1 /PRNewswire/ -- Merlin Mining Co., an exploration stage Delaware corporation with mining claims located in Nevada, (the "company") announced that it has sold 70 million shares of restricted common stock (approximately 70 percent of the company) to a foreign investor in exchange for $1.9 million in cash.  In addition, the investor loaned the company $500,000 in exchange for a five-year convertible debenture which carries interest at the rate of 8 percent and is convertible at either average closing bid price if the company's stock is traded on the public market or the last price paid for the common stock by a third party.
    A portion of the proceeds shall be used to reimburse advances for the annual assessment work on the company's remaining mining claims, pay certain past due bills, and pay the fees necessary to complete filing of the company's past due reports.  The majority of the funds will be held in a temporary investment account pending the company's adoption of a new operating plan.  The company also intends to undertake a reverse stock split in the near future.  No immediate management changes are expected in connection with the investment.
    Investors are cautioned against trading in Merlin Mining Co.'s stock on the basis of any rumor or speculation.
    -0-             10/01/92
    CONTACT:  Merlin V. Fish, 801-262-5511, for Merlin Mining CO:  MERLIN MINING CO. IN:  MNG ST:  UT -- DV003 -- X901  10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
Words:250
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