Montreal, April 14, 2015. Midland Exploration Inc. (“Midland” or the “Corporation”) (TSX-V: MD) is pleased to announce its intention to complete a private placement of units of the Corporation (the “Units”) at a price of $0.70 per Unit with institutional investors (the “Private Placement”). Each Unit will be comprised of one common share (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle its holder to acquire one additional Common Share at a price of $1.15 for a period of 36 months from the date of issuance.
Under the Offering, the Corporation intends to issue a minimum of 14,300,000 Units and a maximum of 21,430,000 Units for aggregate gross proceeds of a minimum of $10 million and a maximum of $15 million.
Affiliates of Sprott Private Wealth LP will subscribe for a minimum of $5,005,000 (7,150,000 Units) in the Private Placement.
Midland will use the proceeds from the Private Placement to fund its exploration plan and for general corporate purposes.
Closing of the proposed private placement is conditional upon preparation of standard documentation and regulatory approval, including that of the TSX Venture Exchange. Closing is expected to take place on or about May 4, 2015. Under applicable securities legislation, the securities to be issued in connection with the proposed private placement will be subject to a four-month hold period.
There are currently 32,636,483 common shares of Midland issued and outstanding.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, PGE, base metals and rare earth elements. Midland is proud to count on reputable partners such as SOQUEM INC., Teck Resources Limited, Agnico Eagle Mines Limited, Sphinx Resources Ltd, Japan Oil, Gas and Metals National Corporation and Maudore Minerals Ltd. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
This press release was prepared by Gino Roger, registered engineer and Qualified Person as defined by NI 43-101. For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel: 450 420-5977
Fax: 450 420-5978
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland’s periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available