Offering proceeds earmarked to advance Tac, Corak and Celtik projects
By Devika Patel
Knoxville, Tenn., Dec. 7 - Mediterranean Resources Ltd. said it has arranged a C$1.5 million private placement of units.
The company will sell 11,545,000 units of one common share and one warrant at C$0.13 per unit.
Each warrant will be exercisable at C$0.25 for two years. The strike price is a 72.41% premium to C$0.145, the Dec. 6 closing share price.
Williams de Broë Ltd. will be paid a finder's fee.
Proceeds will be used to advance the company's Tac, Corak and Celtik projects and for general working capital purposes.
Mediterranean Resources is a gold exploration company based in Vancouver, B.C.
| Issuer: | Mediterranean Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,500,850
|
| Units: | 11,545,000
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Dec. 7
|
| Stock symbol: | Toronto: MNR
|
| Stock price: | C$0.145 at close Dec. 6
|
| Market capitalization: | C$18.29 million
|
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