Offering is slated to fund exploration and working capital purposes
By Devika Patel
Knoxville, Tenn., Dec. 21 - Midland Exploration Inc. said it completed a C$1.35 million private placement of stock and units.
The company sold 833,286 flow-through common shares at C$0.90 apiece and 802,001 units of one common share and a half-share warrant at C$0.75 per unit.
Each whole warrant will be exercisable at C$1.00 until June 19, 2015.
The price per share is a 32.53% premium to the Dec. 18 closing share price of C$0.68. The warrant strike price is a 47.06% premium to that price.
Proceeds will be used for exploration and working capital purposes.
Midland is a Montreal-based company that explores for gold, base metals, uranium and rare earth elements in Quebec.
| Issuer: | Midland Exploration Inc.
|
| Issue: | Flow-through common stock, units of one common share and a half-share warrant
|
| Amount: | C$1,351,458
|
| Settlement date: | Dec. 19
|
| Stock symbol: | TSX Venture: MD
|
| Stock price: | C$0.68 at close Dec. 18
|
| Market capitalization: | C$19.5 million
|
|
|
| Shares
|
| Amount: | C$749,957
|
| Shares: | 833,286
|
| Price: | C$0.90
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$601,501
|
| Units: | 802,001
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 19, 2015
|
| Warrant strike price: | C$1.00
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
