Non-brokered sale of 6 million units to fund working capital purposes
By Toni Weeks
San Luis Obispo, Calif., Dec. 18 – Mediterranean Resources Ltd. said it plans a non-brokered private placement of units to raise C$1.5 million.
The company will sell 6 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole warrant will be exercisable at C$0.25 for one year.
Proceeds will be used for general working capital purposes.
The company also said it has agreed to issue a total of 846,000 common shares in consideration for past and future services of three service providers at a deemed aggregate value of C$211,500.
Mediterranean Resources completed a share consolidation on Dec. 16 on the basis of 10 pre-consolidation shares per one post-consolidation share.
Mediterranean Resources is a gold exploration company based in Vancouver, B.C.
| Issuer: | Mediterranean Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 18
|
| Stock symbol: | NEX: MNR
|
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