Mediterranean Closes Private Placement
VANCOUVER, Dec. 21, 2012 /CNW/ – Mediterranean Resources Ltd. (TSX: MNR) (Frankfurt: MHM1) (“Mediterranean” or the “Company”) announces that, further to its news release of November 13, 2012, it has raised gross proceeds of $530,000 by way of a non-brokered private placement of 5,300,000 units at a price of $0.10 per unit. Each unit consists of one common share and one warrant (each warrant exercisable at $0.12 per share for 36 months). The securities issued under the financing are subject to a four month hold period, expiring on April 22, 2013.
Use of Proceeds
The net proceeds received by the Company from the sale of these units will be used for advancement of the Company’s Celtik project, investigation of other projects in Turkey and the Mediterranean Basin and for general working capital purposes.
http://www.medresources.ca/news/2012/
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