Midland Announces Closing of $2.6M Private Placement
03 Dicembre 2024 - 11:00PM
Midland Exploration Inc. (
“Midland”)
(
TSX-V: MD) is pleased to announce that it has
completed the closing of a non-brokered private placement by
issuing a total of 6,123,000 flow-through common shares at $0.40
per share and 625,000 common shares at $0.32 per share, for total
gross proceeds of $2,649,200 (the “
Private
Placement”). The securities issued in connection with the
Private Placement are subject to a four-month-and-one-day statutory
hold period expiring on April 4, 2025.
Midland will use the Private Placement proceeds
to fund exploration works on its properties located in Quebec and
for general corporate purposes.
Insiders have participated in the Private
Placement and were issued 540,000 flow-through common shares, for
total gross proceeds of $216,000. Such participation in the Private
Placement is a “related party transaction” as defined in Regulation
61-101 respecting Protection of Minority Security Holders in
Special Transactions (“Regulation 61-101”). Such
participation is exempt from the formal valuation and minority
shareholder approval requirements of Regulation 61-101 as neither
the fair market value of the securities issued to insiders nor the
consideration for such securities by insiders exceed 25% of
Midland’s market capitalization.
As a result of the closing of the Private
Placement, there are 93,618,758 common shares of Midland issued and
outstanding.
The Private Placement was carried out pursuant
to prospectus exemptions of applicable securities laws and is
subject to final acceptance by the TSX Venture Exchange. In
connection with the Private Placement, finder’s fees equal to an
aggregate amount of $103,980 were paid to arm’s length third
parties of Midland.
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of gold
and critical metals. Midland is proud to count on reputable
partners such as BHP Canada Inc., Rio Tinto Exploration
Canada Inc., Barrick Gold Corp.,
Wallbridge Mining Company Ltd, Probe Gold Inc.,
Agnico Eagle Mines Limited, Electric Elements Mining
Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund and
Abcourt Mines Inc. Midland prefers to work in partnership
and intends to quickly conclude additional agreements in regard to
newly acquired properties. Management is currently reviewing other
opportunities and projects to build up Midland’s portfolio and
generate shareholder value.
Gino Roger, President and Chief Executive
OfficerTel: 450 420-5977Fax: 450 420-5978E-mail:
info@midlandexploration.comWebsite: www.midlandexploration.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release may contain forward-looking
statements that are subject to known and unknown risks and
uncertainties that could cause actual results to vary materially
from targeted results. Such risks and uncertainties include those
described in Midland's periodic reports including the annual report
or in the filings made by Midland from time to time with securities
regulatory authorities.
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