Midland Completes the Third Tranche of a Private Placement Totalling $2.8M
January 17 2022 - 7:30AM
Midland Exploration Inc. (
“Midland”)
(
TSX-V: MD) is pleased to announce that it has
completed a third and last tranche of the non brokered private
placement previously announced on December 7, 2021 (the “Private
Placement”) by issuing 170,000 common shares at $0.55 per common
share for gross proceeds of $93,500. BHP Canada Inc.
(“
BHP”) has exercised its right to maintain its
ownership at 5.0% by acquiring those 170,000 common shares of
Midland. This right had been granted to BHP on April 18, 2019
pursuant to an Investor Rights Agreement with Midland. The total
gross proceeds of the Private Placement is $2,760,600.
The securities issued in the third tranche of
the Private Placement are subject to a four-month hold period
expiring on May 15, 2022. Midland will use the Private Placement
proceeds to fund exploration works on its properties located in
Quebec. As a result of the closing of the Private Placement, there
are 75,667,797 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., Rio Tinto Exploration Canada Inc., Probe Metals Inc.,
Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko
Development Corp., 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 Corporation 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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