MDN Inc.
TSX : MDN

MDN Inc.

August 30, 2005 14:33 ET

MDN Northern Mining: Financing Completed

MONTREAL, QUEBEC--(CCNMatthews - Aug. 30, 2005) - MDN NORTHERN MINING (TSX:MDN) (MINIERES DU NORD) announces the closing of a private placement in an amount of $232,762 with private investors.

MDN Northern Mining has issued an aggregate of 517,250 common shares, at $0.45 per share. Each common share is accompanied by one common share purchase warrant (the "Warrant"); each Warrant entitles its holder to acquire one additional common share of MDN Northern Mining at a price of $0.75 for a period of five years following the closing of the private placement, but subject to an "acceleration" provision.

Net proceeds from this offering will be used primarily to finance exploration programs on the Company's mineral licences located in Tanzania and in Eritrea.

MDN is a Montreal-based Canadian exploration company that holds a 30% interest in the Tulawaka gold mine and a majority interest in 25 adjacent mineral licences in Tanzania, a majority interest in four licenses in Eritrea, and other gold and base metal exploration interests in Quebec, Canada.

Contact Information

  • MDN Northern Mining
    Carlos H. Bertoni, M.Sc., P.Geo.
    CEO
    (514) 866-6500
    or
    MDN Northern Mining
    C. Timothy (Tim) Williams, Ph.D., C.Eng.
    COO
    (514) 866-6500
    or
    MDN Northern Mining
    Paul-A. Girard
    Chairman and V.-P., Corporate relations
    (514) 866-6500
    info@xnord.com
    www.xnord.com