By Laura Lutz
Des Moines, May 24 - Mediterranean Resources Ltd. completed a private placement of units for C$13 million.
The company sold 34,210,527 units of one share and one half-share warrant at C$0.38 per unit. Each whole warrant will be exercisable at C$0.50 for two years.
The agents, led by Haywood Securities Inc., include Loeb Aron & Co. Ltd.
Proceeds will be used for exploration, drilling, metallurgical studies and economic evaluation of the company's projects in Turkey and for working capital and general corporate purposes.
Mediterranean is a mineral development company based in Vancouver, B.C.
| Issuer: | Mediterranean Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$13 million
|
| Units: | 34,210,527
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agents: | Haywood Securities Inc. (lead), Loeb Aron & Co. Ltd.
|
| Settlement date: | May 24
|
| Stock symbol: | TSX Venture: MNR
|
| Stock price: | C$0.31 at close May 24
|
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