Vancouver, British Columbia, November 27, 2017 — Midnight Sun Mining Corp. (the “Company”) (TSX-V: MMA) has completed the previously announced non-brokered private placement (the “Offering”) (see news release dated November 6, 2017) by issuing 9,002,708 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of $2,700,812.
Each Unit purchased in the Offering consists of one common share (“Common Share”) in the capital of the Company and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one Common Share of the Company for a period of twelve months from closing, at an exercise price of $0.45.
Finder’s fees of $141,540 were paid in cash and 471,799 Finder’s Warrants were issued in connection with the Offering. Each Finder’s Warrant entitles the holder to purchase one common share at a price of $0.45 for a period of twelve months, expiring on November 27, 2018.
Insiders of the Company subscribed for an aggregate of 864,210 Units of the Offering.
All securities issued pursuant to the Offering, including the Common Shares underlying the Warrants, are subject to a statutory hold period which expires on March 28, 2018.
The net proceeds from the Offering will be used by the Company to fund exploration on the Solwezi Group of exploration licenses as well as general working capital.
The completion of the private placement is subject to final acceptance by the TSX Venture Exchange.
These securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING
Brett A. Richards – President & Chief Executive Officer
For Further Information Contact:
Al Fabbro
Lead Director
Tel: +1 604-351-8850
Brett A. Richards
Chief Executive Officer
Tel: +1 905-449-1500
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.