Non-brokered deal raises funds for 60% interest in mineral properties
By Devika Patel
Knoxville, Tenn., Aug. 16 - Midnight Sun Mining Corp. said it plans a C$1.6 million non-brokered private placement of units.
The company will sell 8 million units of one common share and one half-share warrant at C$0.20 per unit.
Each whole warrant will be exercisable at C$0.30 for 18 months. The strike price represents a 50% premium to the Aug. 15 closing share price of C$0.20.
Proceeds will be used for the company's initial work commitments on certain mineral properties in Namibia, in which Midnight Sun Mining may earn a 60% interest by paying for work expenditures on the properties over four years. The company also must issue 10 million common shares to Logwood Investments Inc., the owner of the properties, under the agreement.
The capital pool company is based in Vancouver, B.C.
| Issuer: | Midnight Sun Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.6 million
|
| Units: | 8 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 16
|
| Stock symbol: | TSX Venture: MMA
|
| Stock price: | C$0.20 at close Aug. 15
|
| Market capitalization: | C$1.66 million
|
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