New Issue: Midlands Minerals concludes C$8.17 million private placement of units

By Devika Patel

Knoxville, Tenn., Feb. 12 - Midlands Minerals Corp. said it took in C$3.58 million in the second tranche of an C$8.17 million non-brokered private placement of units. The deal priced for up to C$10.5 million on Jan. 22 and the company raised C$4.6 million in the first tranche on Feb. 1.

The company sold a total of 23,354,027 units at C$0.35 apiece. It sold 13,139,624 units in the first tranche and 10,214,403 units in the second.

Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 for two years.

Proceeds will be used for exploration.

Midlands is a gold and diamond exploration company based in Toronto.

Issuer:	Midlands Minerals Corp.
Issue:	Units of one common share and one half-share warrant
Amount:	C$8,173,909
Units:	23,354,027
Price:	C$0.35
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.50
Agent:	Non-brokered
Pricing date:	Jan. 22
Settlement date:	Feb. 1 (for C$4,598,868), Feb. 12 (for C$3,575,041)
Stock symbol:	TSX Venture: MEX
Stock price:	C$0.52 at close Jan. 21
Market capitalization:	C$23.7 million

© 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.