Midland Exploration (MD-V) closes $2.82-million financing
Dec 2112 - News Release
Midland Exploration Inc. has completed its previously announced private placement with Laurentian Bank Securities Inc. by issuing to accredited investors a total of 769,264 units at a price of $1.30 per unit and 1,105,882 flow-through shares at $1.65 per share, for total gross proceeds to Midland of $2,824,748. The securities issued in the private placement are subject to a four-month hold period expiring on April 22, 2013.
Each unit will comprise 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 $1.75 until June 21, 2014.
Midland will use the private placement proceeds to finance its exploration plan and for general corporate purposes.
In connection with the private placement, Midland paid the agent a cash fee of $150,735 and issued a non-transferable agent's option to the agent, entitling it to acquire 85,342 common shares of Midland at a price of $1.30 per share until June 21, 2014.
As a result of the private placement, there are 28,536,225 common shares of Midland issued and outstanding.
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