Midland Exploration Closes Private Placement Raising $2.28 Million

Midland Exploration Inc. has completed a non-brokered private placement, issuing 1,827,800 flow-through common shares at $1.25 per share for total gross proceeds of $2,284,750. The company announced the closing of this financing on November 5, 2020.

The proceeds from this placement are designated to fund exploration work on Midland's properties located in Quebec. These properties are targeted for the discovery of gold, platinum group elements, and base metals.

A portion of the financing, $160,000, involved participation from company insiders. This participation was exempt from formal valuation and minority shareholder approval requirements under Regulation 61-101. The exemption was based on the fact that the fair market value of the insider participation did not exceed 25% of the company's market capitalization.

The securities issued are subject to a four-month hold period, expiring March 6, 2021. The private placement was conducted under prospectus exemptions. In connection with the offering, finder's fees totaling $101,265 were paid to arm's length third parties. Following the closing, Midland Exploration has 72,181,843 common shares issued and outstanding.