TORONTO, ONTARIO--(Marketwire - Feb. 9, 2011) - On January 25, 2011, Mediterranean Resources Ltd. (the "Corporation" or "Mediterranean") filed a press release (the "Mediterranean Release") announcing receipt of the shareholders' meeting requisition delivered by Philip Strathy, 2013072 Ontario Inc. and Frank Lucas (collectively, the "Concerned Shareholders"). 

In the Mediterranean Release, the Corporation alleged that the primary motivation of the Concerned Shareholders in requisitioning a shareholders' meeting was to "opportunist[ally] attempt to force a business combination between Mediterranean and an AIM-listed Turkish explorer, Ariana Resources PLC." The Corporation arrived at this conclusion by suggesting that Mr. Hüseyin Gün, one of the Concerned Shareholders' nominees for the Mediterranean board, "is a large shareholder of both Mediterranean and Ariana."

The Concerned Shareholders wish to correct the record and categorically state that neither Mr. Gün nor Avicenna Capital, a privately-held investment vehicle of which Mr. Gün is principal investor and managing director, holds or ever has held any shares in Ariana. Moreover, the Concerned Shareholders are not aware of any active merger discussions between Ariana and Mediterranean nor have any such proposals been discussed by the Concerned Shareholders.

Accordingly, the suggestion that the Concerned Shareholders have requisitioned a shareholders' meeting in order "to force a business combination" between Mediterranean and Ariana:

  • is simply without basis in fact;

  • attributes to the Concerned Shareholders an ulterior motive that does not exist;

  • risks creating a material misconception in the market; and

  • ignores the fundamental business concerns raised by the Concerned Shareholders in our press release of January 24, 2011. 

Collectively, the Concerned Shareholders hold a total of 12,146,072 common shares of Mediterranean, representing approximately 11.98% of the Corporation's issued and outstanding common shares. In addition, the Concerned Shareholders have received support agreements from holders of an aggregate of approximately 17 million common shares. 

Contact Information: Philip Strathy
416 975-1900
416 975-1933 (FAX)
Frank Lucas
+44 (0) 207 628 1128
+44 (0) 207 638 0756 (FAX)