| | | |
| Fri Jan 26, 2007 Mediterranean Closes CDN$3,059,250 Private Placement
|
| Vancouver, B.C., January 26, 2007 - Mediterranean Resources Ltd. (TSX-V: MNR) (the "Company") today announces that, further to its news release of December 8, 2006, it has closed its brokered private placement comprising 10,197,500 units ("Units") at a price of $0.30 per Unit for gross proceeds of $3,059,250. Each Unit consists of one common share ("Share") and one-half share purchase warrant ("Warrant"). Each whole Warrant is exercisable for a period of two years at a price of $0.38 per share.
The financing was led by Loeb Aron & Company Ltd. of London with whom the Company had signed an agency agreement, and who were assisted by Hythe Securities Ltd of London, Evergreen Capital Partners Inc. and Union Securities Ltd. both of Toronto. The Company would like to thank the agents for their diligent efforts in raising funds for the Company. In consideration for their services, the Company has paid aggregate cash commissions of $247,896 (approximately 8.25 %) and issued an aggregate 826,320 Agent's Options. Each Agent's Option entitles the holder to acquire one Unit at $0.30 for two years.
All securities issued, including those to the agents, will be subject to a hold period expiring May 27, 2007.
The net proceeds received by the Company from the sale of these units will be used for continued mineral exploration on the Company's Tac and Corak gold properties located in Turkey and preparation of a NI 43-101 compliant resource estimate and a preliminary assessment in early 2007 and for general working capital purposes.
For further information please contact:
Peter J. Guest
President & CEO
604-669-3397
www.medresources.ca
OR
Jag S. Sandhu
VP Corporate Development
604-306-1950
Andreas Curkovic
The Equicom Group
416-815-0700 x262
1-800-385-5451 x262
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
|
| You can return to the Top of this page
|
|
|