Midland Exploration Completes the Second Tranche of a Private Placement Totalling $2.38 Million
November 10 2020 - 5:30PM
Midland Exploration Inc. (
“Midland”)
(
TSX-V: MD) is pleased to announce that it has
completed a second tranche of the non brokered private placement
previously announced on November 5, 2020 (the “Offering”) by
issuing a total of 96,209 of common share at $1.00 for gross
proceeds of $96,209. The total gross proceeds of the Offering to
the Corporation is $2,380,959. The securities issued in the second
tranche of the Offering are subject to a four-month hold period
expiring on March 10, 2021.
BHP Canada Inc. (“BHP”) has
exercised its right to maintain its ownership at 5.0% by acquiring
96,209 common shares of Midland. This right had been granted to BHP
on April 18, 2019 pursuant to an Investor Rights Agreement with
Midland.
Midland will use the proceeds of the Offering to
fund exploration works on properties located in Quebec.
As a result of the private placement, there are
72,278,052 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.
About Midland Midland targets
the excellent mineral potential of Quebec to make the discovery of
new world-class deposits of gold, platinum group elements and base
metals. Midland is proud to count on reputable partners such as BHP
Canada Inc., Agnico Eagle Mines Limited, Osisko Mining Inc.,
SOQUEM INC., Nunavik Mineral Exploration Fund, and Abcourt
Mines Inc. 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.
Gino Roger, President and Chief Executive
OfficerTel: 450 420-5977Fax: 450 420-5978E-mail:
info@midlandexploration.comWebsite:
www.midlandexploration.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.
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