MONTREAL, QUEBEC--(Marketwired - Nov. 24, 2016) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce that it has completed a second tranche of the non brokered private placement previously announced on November 17, 2016 (the "Offering") by issuing a total of 241,908 flow-through common shares (the "Flow-Through Shares") at $1.35 per share, for gross proceeds of $326,575. The total gross proceeds of the Offering to the Corporation is $1,733,876. The securities issued in the second tranche of the Offering are subject to a four-month hold period expiring on March 25, 2017.
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 56,476,128 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. In connection with the Offering, finder's fee equal to an aggregate amount of $60,650 were paid to arm's length third parties of Midland.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Teck Resources Limited, SOQUEM INC., Osisko Exploration James Bay Inc., Japan Oil and Gas and Metals National Corporation 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 Midland's portfolio and generate shareholder value.
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.