Deal, arranged with Williams de Broe's clients, funds Yusufeli project
By Devika Patel
Knoxville, Tenn., Feb. 2 - Mediterranean Resources Ltd. said it has arranged a private placement of units. The deal is slated to raise C$1.5 million.
The company will sell 15 million units of one common share and one half-share warrant at C$0.10 per unit to clients of Williams de Broe Ltd.
Each whole warrant will be exercisable at C$0.14 for one year. The strike price is a 27.27% premium to C$0.11, the Feb. 1 closing share price.
Proceeds will be used to produce a preliminary economic assessment and initiate an environmental impact assessment application on the Yusufeli gold and base metal project in northeast Turkey. Proceeds also will be used for general corporate purposes.
Mediterranean Resources is a gold exploration company based in Vancouver, B.C.
Issuer: | Mediterranean Resources Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1.5 million
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Units: | 15 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.14
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Investor: | Williams de Broe Ltd.
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Pricing date: | Feb. 2
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Stock symbol: | TSX Venture: MNR
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Stock price: | C$0.115 at close Feb. 2
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Market capitalization: | C$11.65 million
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