Midland Exploration raises $10–15 million through private placement
Midland Exploration Inc. announced on April 14, 2015, its intention to complete a private placement of units. The offering aims to raise a minimum of $10 million to fund the company's exploration activities.
Montreal, Canada – Midland Exploration Inc. announced on April 14, 2015, its intention to carry out a private placement. The company plans to issue between 14.3 million and 21.4 million units, with each unit comprising one common share and one common share purchase warrant. Priced at $0.70 per unit, the offering is expected to generate gross proceeds ranging from $10 million to $15 million.
The funds raised are designated to finance Midland's exploration plan and for general corporate purposes. Affiliates of Sprott Private Wealth LP have committed to subscribing for a minimum of 7.15 million units, representing over $5 million of the placement.
Completion of the private placement is subject to the finalization of standard documentation and regulatory approval, including that of the TSX Venture Exchange. Closing is anticipated to occur on or about May 4, 2015. The securities offered will be subject to a four-month hold period under applicable securities legislation.
Midland Exploration focuses on exploring Quebec's mineral potential to discover new deposits of gold, platinum group metals, base metals, and rare earth elements. The company partners with various entities and aims to expand its portfolio to generate shareholder value.