By Laura Lutz
Des Moines, May 29 - Midlands Minerals Corp. arranged a private placement of units for up to C$2.4 million.
The company plans to sell up to 6.8 million units of one share and one half-share warrant at C$0.35 per unit. Each whole warrant will be exercisable at C$0.50 for 18 months.
Expiry of the warrants may be accelerated if the closing price of the company's shares is at least C$1.00 for 20 consecutive trading days at any time more than nine months after closing.
D&D Securities Co. will act as agent.
Settlement is expected on June 15.
Proceeds will be used for exploration on the company's gold properties in Ghana and for working capital.
Midlands is a gold and diamond exploration company based in Toronto.
| Issuer: | Midlands Minerals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.4 million
|
| Units: | 6.8 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | D&D Securities Co.
|
| Pricing date: | May 28
|
| Settlement date: | June 15
|
| Stock symbol: | TSX Venture: MEX
|
| Stock price: | C$0.315 at close May 28
|
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