2018-12-19 10:17 ET – News Release
Mr. Brett Richards reports
MIDNIGHT SUN MINING COMPLETES PRIVATE PLACEMENT
Midnight Sun Mining Corp. has completed the final tranche of its previously announced non-brokered private placement by issuing 1,301,000 units at a price of 12 cents per unit for gross proceeds of $156,120. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company for a period of 12 months from closing, at an exercise price of 20 cents.
All securities issued pursuant to this tranche, including the common shares underlying the warrants, are subject to a statutory hold period which expires on April 19, 2019.
In total, the company issued 8,334,000 units for gross proceeds of $1,000,080. Finders’ fees of $45,868.80 will be paid in cash and 382,240 finder warrants will be issued in connection with the private placement.
In total, insiders of the company purchased 1,826,000 units for gross proceeds of $219,120.
The net proceeds of this offering will be used by the company to finance further exploration work on its Zambian mineral properties as well as general working capital.
The completion of this private placement remains subject to final acceptance by the TSX Venture Exchange.
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