Midland Exploration Announces Closing of a Private Placement
MONTREAL, Dec. 21, 2018 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce that it has completed a private placement by issuing a total of 222,222 units at $0.90 per unit, for gross proceeds of $200,000 (the “Offering”). Each unit consists of one common share and one half warrant of Midland. Each warrant entitles the holder to purchase one common share of Midland at a price of $1.25 until December 21, 2020. The securities issued in the Offering are subject to a four-month hold period expiring on April 22, 2019.
SIDEX, Limited Partnership (“SIDEX”) and the Mining Investment Fund SDBJ (“SDBJ”) participated in the Offering for a total amount of $200,000, as part of the “Drilling James Bay 2019” program. Midland will use the proceeds of the Offering to fund drilling on the Mythril property, located in James Bay, Quebec.
As a result of the private placement, 64,303,111 common shares of Midland are 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.
Created in 2001, SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base. SIDEX promotes new entrepreneurs and innovation in exploration and has invested more than $90 million to date in mineral exploration companies and their projects in Québec.
Established in 1971 under the James Bay Region Development Act, SDBJ’s mission is to promote economic development and the development and exploitation of natural resources in the James Bay territory, other than hydro-electric resources falling within Hydro-Québec’s mandate, with a view to sustainable development. The SDBJ may generate, support and carry out projects in the pursuit of those objectives.
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 Agnico Eagle Mines Limited, Osisko Mining Inc., Altius Minerals Corp., SOQUEM INC., NioBay Metals Inc., Nuvavik 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.
Gino Roger, President and Chief Executive Officer
Tel: 450 420-5977
Fax: 450 420-5978
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.