Montreal, December 5, 2018. Midland Exploration Inc. (” Midland“)(TSX-V: MD) is pleased to announce the closing of a non-brokered private placement to accredited investors and directors and officers of Midland (the “Insiders”) through the issuance of 1,969,638 flow-through common shares (the “Flow-Through Shares”) at a price of $1.35 per share, for total gross proceeds of $2,659,012 The securities issued in the private placement are subject to a four-month hold period expiring on April 6, 2019.
Midland will use the proceeds of the private placement to fund exploration work on its Quebec properties.
Insider participation is exempt from the formal valuation and minority approval requirements of National Instrument 61-101 measures to protect minority shareholders in specific transactions (“MI 61-101”) under the exemption provided for in subsections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the private placement nor the consideration paid by the insiders exceeds 25% of Midland’s market capitalization.
Following the closing of the private placement, there are 63,005,922 common shares of Midland issued and outstanding.
The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. Finder’s fees in the amount of $127,414 were paid to third parties at arm’s length with respect to Midland.
Midland is counting on Quebec’s excellent mineral potential to make the discovery of new deposits of world-class gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Agnico Eagle Mines Ltd, Osisko Mining Inc, Altius Minerals Corporation, SOQUEM INC, NioBay Metals Inc, Nunavik Mining Exploration Fund and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude agreements in this regard with respect to its newly acquired properties. Management is currently evaluating other opportunities and projects to enhance the Company’s portfolio and create added value for shareholders.
Gino Roger, President and Chief Executive Officer
Tel. : 450 420-5977
Fax : 450 420-5978
Website : www.explorationmidland.com