Midland Exploration Secures $6.1 Million from Centerra Gold Investment
Midland Exploration Secures $6.1 Million Investment
Midland Exploration Inc. is excited to share news about its recent financial achievement. The Corporation, officially listed on the TSX-V under the ticker MD, has successfully closed a strategic private placement, resulting in impressive gross proceeds totaling $5,058,750. This was accomplished through the sale of 10,650,000 flow-through shares (FT Shares) priced at $0.475 each.
Strategic Partnership with Centerra Gold
Adding to the excitement is the entrance of Centerra Gold Inc. as a key strategic investor. With this investment, Centerra now holds approximately 9.9% of Midland's outstanding common shares, which underscores a robust partnership moving forward.
Concurrent Private Placement Efforts
In tandem with the initial private placement, Midland also finalized a non-brokered private offering, generating an additional $1,050,000 from the sale of 3,181,819 common shares, each priced at $0.33. Notable entities including CDPQ Sodémex Inc., SIDEX LP, and NQ Investissement Minier LP participated in this offering, highlighting confidence in Midland's future.
Utilization of Offering Proceeds
The total proceeds from the combined offerings amount to $6,108,750. Midland plans to channel these funds toward Canadian exploration expenses, specifically those qualifying as flow-through mining expenditures as stipulated by the Income Tax Act. Midland is committed to executing these expenditures before the end of 2026, ensuring that the funds raised effectively help in advancing the company’s exploration agenda.
Enhancing Exploration Capabilities
These investments are positioned to significantly enhance Midland's capabilities in exploring its gold projects located primarily in the rich regions of Abitibi, James Bay, and northern Quebec. The Corporation's exploration strategy aims to identify and develop high-quality mineral targets over the next year and a half. Additionally, the expected refundable tax credits of 22.5% on eligible expenditures will provide further financial relief, maximizing the impact of the investment.
Investor Rights Agreement with Centerra
In connection with the investment, Midland has established an Investor Rights Agreement with Centerra. This agreement grants Centerra certain privileges, including rights to participate in future share issuances to maintain their ownership percentage, ensuring ongoing collaboration between the two companies.
Final Approvals and Future Outlook
The offerings remain subject to final approval from the TSX Venture Exchange, a necessary step to finalize the investment process. Furthermore, all securities from this offering will adhere to a standard hold period dictated by Canadian securities regulations, ensuring proper compliance and governance.
Learn More About Midland and Centerra
Centerra Gold Inc. is a Canadian mining giant heavily invested in acquiring and developing gold and copper assets across North America and beyond. Their operational base includes the Mount Milligan mine in British Columbia and the Öksüt mine in Türkiye, along with numerous exploration projects. Midland Exploration Inc. similarly focuses on uncovering world-class mineral deposits across Quebec and works with a variety of reputable partners to drive their exploration efforts. These collaborations are vital as Midland seeks to expand its property portfolio and enhance shareholder value.
For more information about Midland Exploration, potential investors can check the company’s official website for the latest updates, or reach out directly.
Gino Roger, President and Chief Executive Officer
Phone: 450 420-5977
Fax: 450 420-5978
Email: info@midlandexploration.com
Website: www.midlandexporation.com
Frequently Asked Questions
What is the total amount raised in Midland's offerings?
Midland raised a total of $6,108,750 through its private placements.
Who are the new strategic investors?
Centerra Gold Inc. has become a new strategic investor, holding about 9.9% of Midland's shares.
What will the funds from the offering be used for?
The funds will be used primarily for Canadian exploration expenses related to flow-through mining projects.
What is the expected timeline for the exploration projects?
Midland aims to advance its exploration projects over the next 18 months.
How can investors find more information about Midland Exploration?
Investors can visit Midland's official website or contact the company directly for further inquiries.
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