Midland Exploration Completes a $1.35 Million Private Placement
December 19, 2013 (Source: Marketwired) — Midland Exploration Inc. (“Midland”) (TSX VENTURE:MD) is pleased to announce that it has completed a private placement by issuing a total of 802,001 units at a price of $0.75 per unit and 833,286 flow-through shares at $0.90 per share, for total gross proceeds to Midland of $1,351,460 (the “Offering”). The securities issued in the private placement are subject to a four-month hold period expiring on April 20, 2013.
Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share of Midland at a price of $1.00 until June 19, 2015.
Midland will use the private placement proceeds to fund its exploration plan and for general corporate purposes.
As a result of the private placement, there are 30,306,512 common shares of Midland issued and outstanding.
The Offering was carried on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. A finder’s fee equal to $10,169, was 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, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as Teck Resources Limited, Agnico Eagle Mines Limited, Maudore Minerals Limited, Donner Metals Limited, Japan Oil, Gas and Metals National Corporation and SOQUEM 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 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.
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