Montreal, December 21, 2018. Midland Exploration Inc. (“Midland“)(TSX-V: MD) is pleased to announce the closing of a private placement through the issuance of 222,222 units at a price of $0.90 per unit for gross proceeds of $200,000 (the “Private Placement”). Each unit consists of one common share and one-half of one Midland warrant. Each warrant entitles the holder to acquire one common share of Midland at a price of $1.25 until December 21, 2020. The securities issued in the private placement are subject to a four-month hold period expiring on April 22, 2019.
SIDEX, Limited Partnership (“SIDEX“) and the SDBJ Mining Investment Fund (“SDBJ“) participated in the private placement for a total amount of $200,000, within the framework of the “James Bay Drilling 2019” program. Midland will use the proceeds of the private placement to finance drilling on the Mythril property located in the James Bay region of Quebec.
Following the completion of the private placement, 64,303,111 common shares of Midland are issued and outstanding.
This private placement was made pursuant to prospectus exemptions from applicable securities laws and is subject to the final approval of the TSX Venture Exchange.
SIDEX, created in 2001, is an initiative of the Quebec government and the Solidarity Fund QFL. The company’s mission is to invest in companies involved in mineral exploration in Quebec in order to diversify the mineral inventory. SIDEX supports innovation in exploration in addition to supporting the next generation of mining companies. To date, SIDEX has invested more than $90 million in mining companies and their projects in Quebec.
Created in 1971 by the James Bay Region Development Act, the SDBJ’s mission is to promote, in a sustainable development perspective, the economic development, enhancement and exploitation of natural resources, other than hydroelectric resources under Hydro-Québec’s mandate, in the James Bay territory. In particular, it may initiate, support and participate in the realization of projects aimed at these ends.
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
Fax : 450 420-5978 : 450 420-5978
E-mail : email@example.com
Website : www.explorationmidland.com
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. –