NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, April 18, 2019 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (TSX-V: MD)(“Midland”) is pleased to announce that, further to its previous announcement on April 15, 2019, Midland has closed its private placement with BHP Billiton Canada Inc. (“BHP”). A total of 3,444,000 units of Midland (the “Units”) were issued to BHP at an issue price of $1.70 per Units for aggregate consideration of $5,854,800 (the “Private Placement”). Each Unit consists of one common share in the capital of Midland (“Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle BHP to acquire one additional Common Share at an exercise price of $2.05 per Common Share for a period of 18 months. Midland can accelerate the expiry of the Warrants if the daily volume-weighted average trading price of the Common Shares on the TSX Venture Exchange exceeds $2.25 for 20 consecutive trading days at any time following 120 days after closing of the Private Placement. BHP now holds 5% of the issued and outstanding Common Shares (on a non-diluted basis).
The securities issued pursuant to the private placement are subject to a four-month hold period expiring on August 18, 2019.
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Osisko Mining Inc., SOQUEM INC., Nuvavik Mineral Exploration Fund and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Neither 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 release.
© 2019 GlobeNewswire, Inc. All Rights Reserved.