Midland Exploration Closes $6.1 Million Private Placement

Midland Exploration Inc. announced on Monday the closing of its private placement, raising gross proceeds of $6.1 million. The placement included a strategic investment from Centerra Gold Inc., which now holds approximately 9.9% of Midland's outstanding common shares. Additional funds were raised from CDPQ Sodémex Inc., SIDEX LP, and NQ Investissement Minier LP.

The capital raised is designated for Canadian exploration expenses, qualifying as "flow-through" expenditures under Canadian tax law. These funds will be applied to generate and advance targets on Midland's wholly owned gold exploration projects located in Abitibi, James Bay, and northern Quebec over the next 18 months.

Midland anticipates recovering refundable tax credits of 22.5% on eligible exploration expenditures incurred on its gold projects. The company has entered into an Investor Rights Agreement with Centerra Gold, granting the company certain rights, including the ability to participate in future share issuances to maintain its ownership percentage, subject to specific conditions.

The completion of the private placement is subject to final approval from the TSX Venture Exchange. All securities issued are subject to a four-month hold period.