By Laura Lutz
Washington, Dec. 8 - Mediterranean Resources Ltd. intends to conduct a private placement of units for up to C$3 million.
The company plans to sell up to 10 million units of one share and one half-share warrant at C$0.30 per unit. Each whole warrant will be exercisable at C$0.38 for two years.
Loeb Aron & Co. Ltd. will act as agent for the deal.
Proceeds will be used for exploration on the company's Tac and Corak gold properties in Turkey, for a resource estimate and for working capital.
Mediterranean is a Vancouver, B.C.-based resource exploration company.
| Issuer: | Mediterranean Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 10 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.38
|
| Agent: | Loeb Aron & Co. Ltd.
|
| Pricing date: | Dec. 8
|
| Stock symbol: | TSX Venture: MNR
|
| Stock price: | C$0.31 at close Dec. 7
|
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