Midland Exploration Secures $6.1 Million in Strategic Funding
Midland Exploration Completes Major Private Placement
Midland Exploration Inc. (TSXV: MD) has successfully closed a significant private placement, raising a total of $6.1 million. The funding stems from the sale of 10.65 million flow-through shares priced at $0.475 each. This financial boost comes at an opportune time for the corporation as it aims to advance its gold exploration projects across Canada.
Strategic Partnership with Centerra Gold Inc.
As a noteworthy aspect of this private placement, Midland warmly welcomes Centerra Gold Inc. (TSX: CG; NYSE: CGAU) as a strategic investor. This partnership marks an important milestone, with Centerra acquiring approximately 9.9% of Midland's total issued and outstanding common shares. The collaboration is set to strengthen Midland's position in the mineral exploration landscape.
Details of the Concurrent Private Placement
Alongside the strategic investment from Centerra, Midland also completed a concurrent non-brokered private placement, netting an additional $1.05 million through the issuance of 3,181,819 common shares at a price of $0.33 per share. Investors in this round included reputable firms like CDPQ Sodémex Inc., SIDEX LP, and NQ Investissement Minier LP, showcasing confidence in Midland's growth potential.
Utilizing Proceeds for Exploration
The combined gross proceeds from the offering, which total $6,108,750, are earmarked for Canadian exploration expenses that qualify as flow-through mining expenditures. Midland has outlined its intention to use these funds to identify and develop high-quality exploration targets in regions such as Abitibi and northern Quebec over the next 18 months. Investors can expect potential refundable tax credits of 22.5% on eligible exploration outlays.
Investor Rights Agreement with Centerra
In line with this significant investment, Midland entered into an Investor Rights Agreement with Centerra Gold. This agreement grants Centerra certain rights, including the ability to partake in future share issuances, allowing them to maintain their stake in Midland as the company grows.
Future Prospects
The success of this financing round is expected to propel Midland's exploration initiatives, paving the way for potential discoveries in gold and critical metals. The corporation is keen on leveraging its partnerships and enhancing its portfolio of properties as it sets its sights on new ventures. Midland remains committed to collaborating with partners like BHP Canada and Rio Tinto, further solidifying its footprint in the mining industry.
About Midland Exploration Inc.
Midland Exploration is dedicated to unearthing world-class gold and critical mineral deposits, primarily driven by its strategic cooperation with notable industry players. The company prides itself on its comprehensive approach to exploration, focusing on partnerships that enhance both shareholder value and the potential for significant mineral discoveries.
Contact Information
For more information regarding this placement or Midland's exploration activities, please reach out to:
Gino Roger, President and CEO
Tel.: 450 420-5977
Fax: 450 420-5978
Email: info@midlandexploration.com
Website: www.midlandexploration.com
Frequently Asked Questions
What is Midland Exploration's main focus?
Midland Exploration primarily focuses on the exploration and acquisition of gold and critical metals in Canada.
How much capital did Midland raise in the latest placement?
Midland raised a total of $6.1 million in the latest private placement.
Who is the new strategic investor in Midland?
Centerra Gold Inc. is the new strategic investor, acquiring approximately 9.9% of Midland's shares.
What will the raised funds be used for?
The funds from the offering will finance Canadian exploration expenses deemed flow-through mining expenditures.
How can I contact Midland Exploration for more information?
Interested parties can contact Gino Roger at 450 420-5977 or email info@midlandexploration.com for inquiries.
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