Units sold at C$0.70 each; deal funds exploration, corporate purposes
By Devika Patel
Knoxville, Tenn., May 12 – Midland Exploration Inc. said it raised C$147,000 in the second tranche of a C$14.44 million private placement of units. The deal raised C$14.29 million on May 5.
The company sold 20,622,569 units of one common share and one warrant at C$0.70 per unit, with each warrant exercisable at C$1.15 until May 3, 2018. The strike price reflects a 66.67% premium to the May 4 closing share price of C$0.69.
Midland Exploration sold 20,412,569 units in the first tranche and 210,000 units in the second tranche.
Affiliates of Sprott Private Wealth LP invested C$7.42 million, buying 10.6 million units, Societe de developpement des entreprises minieres et d'exploration II s.e.c. the Fonds de solidarite FTQ, Sidex, the Fonds regional de solidarite FTQ Abitibi-Temiscamingue, the Societe de Developpement de la Baie-James et Desjardins Entreprises Capital regional et cooperatif also participated in the financing.
Proceeds will be used for exploration and general corporate purposes.
Midland is a Montreal-based company that explores for gold, base metals, uranium and rare earth elements in Quebec.
| Issuer: | Midland Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$14,435,798
|
| Units: | 20,622,569
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| Price: | C$0.70
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| Warrants: | One warrant per unit
|
| Warrant expiration: | May 3, 2018
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| Warrant strike price: | C$1.15
|
| Investors: | Sprott Private Wealth LP (for C$7.42 million), Societe de developpement des entreprises minieres et d'exploration II s.e.c. the Fonds de solidarite FTQ, Sidex, the Fonds regional de solidarite FTQ Abitibi-Temiscamingue, the Societe de Developpement de la Baie-James et Desjardins Entreprises Capital regional et cooperatif
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| Settlement date: | May 5 (for C$14,288,798), May 12 (for C$147,000)
|
| Stock symbol: | TSX Venture: MD
|
| Stock price: | C$0.69 at close May 4
|
| Market capitalization: | C$22.52 million
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