Non-brokered deal sells 6 million units for working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 19 – Mediterranean Resources Ltd. said on Thursday that 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. The strike price is a 31.58% premium to the Dec. 18 closing share price of C$0.19.
Proceeds will be used 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 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: | TSX Venture: MNR-H
|
| Stock price: | C$0.19 at close Dec. 18
|
| Market capitalization: | C$27.02 million
|
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