By Sheri Kasprzak
New York, Oct. 28 - Mediterranean Minerals Corp. has increased to C$8 million its previously announced C$3 million private placement.
The company now intends to sell up to 26,666,666 subscription receipts at C$0.30 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one half-share warrant once the company completes a 1-for-10 consolidation of its stock. The company presently has 116,693,808 outstanding common shares.
The warrants are exercisable at C$0.40 each for two years.
On Sept. 28, the deal was announced as a C$3 million offering of 10 million subscription receipts under the same terms.
The deal was originally non-brokered, but Northern Securities Inc. and Loeb Aron & Co. Ltd. have been retained as placement agents for the offering.
Proceeds from the private placement will be used for exploration on the Tac and Corak gold properties and for working capital.
Based in Vancouver, B.C., Mediterranean is a mineral exploration company.
| Issuer: | Mediterranean Minerals Corp.
|
| Issue: | Subscription receipts exchangeable for units of one share and one warrant
|
| Amount: | C$8 million (maximum)
|
| Subscription receipts: | 26,666,666 (maximum)
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Placement agents: | Northern Securities Inc. and Loeb Aron & Co. Ltd.
|
| Pricing date: | Sept. 28
|
| Amended: | Oct. 28
|
| Stock price: | C$0.04 at close Sept. 28
|
| Stock price: | C$0.03 at close Oct. 28
|
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