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Midas Gold Completes C$9.8 Million Private Placement

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Midas Gold Completes C$9.8 Million Private Placement

 

 

 

 

 

Midas Gold Corp. (TSX:MAX) today announced that it has completed the non-brokered private placement with Teck Resources Limited (TSX:TCK.A)(TSX:TCK.B)(NYSE:TCK) announced on July 2, 2013. Teck subscribed for 12,740,000 common shares of Midas Gold at a price of $0.77 per Share for gross proceeds of C$9,809,800. Adding in the proceeds from the Placement, Midas Gold currently has approximately US$28 million in cash and US$26 million in working capital. Proceeds of the Placement will be used to continue the evaluation of Midas Gold’s Golden Meadows Gold Project located in Idaho, USA, and for general working capital purposes.
 

Following the Placement, Teck owns approximately 9.9% of the issued and outstanding shares in Midas Gold.
 

The Shares issued to Teck are subject to a hold period and may not be traded until November 5, 2013 except as permitted by applicable securities legislation and the rules and policies of the Toronto Stock Exchange.
 

About Midas Gold and the Golden Meadows Project in the Stibnite-Yellow District

 

Midas Gold, through its wholly owned subsidiaries including Midas Gold Inc., MGI Acquisition Corporation and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of deposits in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates are detailed in a technical report entitled “Preliminary Economic Assessment Technical Report for the Golden Meadows Project, Idaho” dated effective August 15, 2012 and filed on SEDAR on September 21, 2012, which is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. This Preliminary Economic Assessment outlines a concept for the development of a large scale, long-life, low-cost open pit gold mining operation producing gold and by-product antimony based on the estimated mineral resource, as well as outlining a number of opportunities for potential enhancement of the conceptual project.

Posted July 5, 2013

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