Midnight Sun Capital Corp.

July 24, 2009 13:59 ET

Midnight Sun Capital Corp. Terminates Proposed Qualifying Transaction and Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2009) - Midnight Sun Capital Corp. (the "Corporation") (TSX VENTURE:MMA.P) announces that it has terminated its May 8, 2009 property option agreement (the "Agreement") with ATAC Resources Ltd. ("ATAC"). Under the terms of the Agreement, the Corporation was granted an option to acquire an undivided 50% interest in certain mining claims known as the Rosy property, located in the Whitehorse Mining District, Yukon Territory. The acquisition of a 50% interest in the Rosy property was intended to serve as the Corporation's Qualifying Transaction.

The Corporation also announces that it has terminated a $250,000 flow-through private placement (the "Private Placement") intended to close concurrently with the Corporation's Qualifying Transaction. The Qualifying Transaction and the Private Placement were originally announced on May 12, 2009 and May 27, 2009, respectively.

The Corporation has terminated both the Qualifying Transaction and the Private Placement following delays related to regulatory and shareholder approval of the Qualifying Transaction. By mid-July 2009, it had become apparent to the Corporation that the recommended phase 1 work program on the Rosy property could not be completed during the 2009 exploration season.

The Corporation is of the opinion that it has adequate funds to pursue other Qualifying Transaction opportunities. As a result, the Corporation will resume its process of identifying and evaluating businesses and assets with a view to completing a potential Qualifying Transaction.

The Corporation anticipates that trading in its common shares on the TSX Venture Exchange will resume on July 27, 2009.

On behalf of the Board of Directors

Robert C. Carne, President

Midnight Sun Capital Corp.

For further information, please visit the website at www.sedar.com to view the Corporation's profile.

WARNING: This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

Neither the 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 news release.

Contact Information

  • Midnight Sun Capital Corp.
    Robert C. Carne
    (604) 688-2568
    (604) 688-2578 (FAX)