New Issue: Midland Exploration settles C$2.8 million placement of stock, units

By Devika Patel

Knoxville, Tenn., Nov. 13 - Midland Exploration Inc. said it raised C$2.8 million in a non-brokered private placement of shares and units. The deal priced Oct. 23 and was increased from C$2.3 million on Nov. 5.

The company sold 2,123,033 units of one common share and a half-share warrant at C$1.20 each and 166,700 flow-through shares at C$1.50 apiece.

The whole warrants will be exercisable at C$1.75 for 18 months.

Laurentian Bank Securities Inc. was agent.

Proceeds will be used for exploration and working capital.

Midland Exploration is a Montreal-based company looking for gold, base metals, uranium and rare earth elements in Quebec.

Issuer:	Midland Exploration Inc.
Issue:	Units of one common share and a half-share warrant, flow-through shares
Amount:	C$2,797,690
Agent:	Laurentian Bank Securities Inc.
Announcement date:	Oct. 23
Upsized:	Nov. 5
Settlement date:	Nov. 13
Stock symbol:	TSX Venture: MD
Stock price:	C$1.24 at close Oct. 23
Market capitalization:	C$27.9 million
Units
Amount:	C$2,547,640
Units:	2,123,033
Price:	C$1.20
Warrants:	For half a share per unit
Warrant strike price:	C$1.75
Warrant expiration:	May 13, 2011
Flow-through shares
Amount:	C$250,050
Shares:	166,700
Price:	C$1.50

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.