By Sheri Kasprzak
New York, Feb. 3 - Mediterranean Minerals Corp. said it has dropped the price on its previously announced C$8 million private placement.
The company will now sell 32 million subscription receipts at C$0.25 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 deal was priced on Sept. 28 as a C$3 million deal, but the size of the placement was increased to C$8 million on Oct. 28. The price per receipt was originally C$0.30.
The offering is scheduled to close Feb. 14.
Northern Securities Inc. and Loeb Aron & Co. Ltd. are the placement agents.
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.
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Issue: | Subscription receipts exchangeable for units of one share and one warrant
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Amount: | C$8 million (maximum)
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Units: | 32 million (maximum)
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Price: | C$0.25
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.40
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Placement agents: | Northern Securities Inc. and Loeb Aron & Co. Ltd.
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Pricing date: | Sept. 28
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Amended: | Feb. 3
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Settlement date: | Feb. 14
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Stock symbol: | TSX Venture: MED
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Stock price: | C$0.04 at close Sept. 28
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Stock price: | C$0.025 at close Feb. 3
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