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Midland Exploration Completes the Second Tranche of a Private Placement Totalling $2.38 Million

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Midland Exploration Completes the Second Tranche of a Private Placement Totalling $2.38 Million

 

 

 

 

 

Midland Exploration Inc. (TSX-V: MD) is pleased to announce that it has completed a second tranche of the non-brokered private placement previously announced on November 5, 2020 by issuing a total of 96,209 of common share at $1.00 for gross proceeds of $96,209. The total gross proceeds of the Offering to the Corporation is $2,380,959. The securities issued in the second tranche of the Offering are subject to a four-month hold period expiring on March 10, 2021.

 

BHP Canada Inc. has exercised its right to maintain its ownership at 5.0% by acquiring 96,209 common shares of Midland. This right had been granted to BHP on April 18, 2019 pursuant to an Investor Rights Agreement with Midland.

 

Midland will use the proceeds of the Offering to fund exploration works on properties located in Quebec.

 

As a result of the private placement, there are 72,278,052 common shares of Midland 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.

 

About Midland

 

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 BHP Canada Inc., Agnico Eagle Mines Limited, Osisko Mining Inc., SOQUEM INC., Nunavik 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.

 

Posted November 12, 2020

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