MONTREAL, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce that it has completed a second tranche of the non brokered private placement previously announced on December 4, 2019 (the “Offering”) by issuing a total of 63,638 flow-through common shares (the “Flow-Through Shares”) at $1.10 per share for gross proceeds of CAD $70,002 and by issuing a total of 73,791 of common share at $0.85 for gross proceeds of CAD $62,722. The total gross proceeds of the Offering to the Corporation is CAD $1,604,955. The securities issued in the second tranche of the Offering are subject to a four-month hold period expiring on April 14, 2020.
BHP Billiton Canada Inc. (“BHP”) has exercised its right to maintain its ownership to 5.0% by acquiring 73,791 common shares of Midland. This right had been granted to BHP on April 18, 2019 pursuant to an Investor Rights Agreement with Midland.
Midland will use the proceeds of the Offering to fund exploration works on properties located in Quebec.
As a result of the private placement, there are 70,354,043 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 this second closing of the Offering, finder’s fees equal to an aggregate amount of CAD $4,200 were paid to arm’s length third parties of Midland.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as BHP Billiton Canada Inc., Agnico Eagle Mines Limited, Osisko Mining Inc., 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 the Company portfolio and generate shareholder value.
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.