- Midland Exploration (MD) has completed the first closing of a non-brokered private placement
- The company issued a total of 3,924,000 flow-through common shares at $0.50 per share and 571,430 flow-through shares at $0.70, for total gross proceeds of $2,362,001
- Midland intends to use the private placement proceeds to fund exploration works on its properties located in Quebec
- Midland Exploration Inc is a mining exploration and development company primarily engaged in gold, nickel, copper, zinc, uranium, etc
- Midland Exploration Inc. opened trading at $0.355 per share
Midland Exploration (MD) has completed the first closing of a non-brokered private placement.
The company issued a total of 3,924,000 flow-through common shares at $0.50 per share and 571,430 flow-through shares at $0.70, for total gross proceeds of $2,362,001.
The securities issued in the private placement are subject to a four-month hold period expiring on March 18, 2023.
Midland intends to use the private placement proceeds to fund exploration works on its properties located in Quebec.
Insiders have subscribed securities for $178,000 in the private placement; such subscription is exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”) in accordance with sections 5.5(a) and 5.7(1)(a) of Regulation 61-101.
The exemption is based on the fact that neither the fair market value of the private placement nor the consideration paid by such Insiders exceeds 25 per cent of the market capitalization of Midland.
As a result of the closing of the private placement, there are 80,163,227 common shares of Midland issued and outstanding.
The private placement was carried out in line with prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
Midland expects to close a second tranche of the private placement on December 1, 2022.
Midland Exploration Inc is a mining exploration and development company primarily engaged in the gold, nickel, copper, zinc, uranium, and other base metal properties in Quebec, Canada.
Midland Exploration Inc. opened trading at $0.355 per share.