By Laura Lutz
Des Moines, Jan. 12 - Midlands Minerals Corp. settled a C$1.139 million second tranche of its previously announced private placement of units, raising the proceeds to C$2,885,511.
In the second tranche, the company sold 3,796,667 units of one share and one half-share warrant at C$0.30. Each whole warrant will be exercisable at C$0.45 for 18 months.
Expiry of the warrants may be accelerated if the closing price of the company's shares is at least C$0.60 for 10 consecutive trading days.
On Dec. 12, the company settled a closing of 5,821,706 units on the same terms for proceeds of C$1,746,511.
The deal priced on Nov. 6 as a placement of up to 10 million units for up to C$3 million.
Proceeds will be used for exploration of the company's gold properties in Tanzania and Ghana and for working capital.
D & D Securities Co. and Haywood Securities Inc. will act as agents for the deal.
Midlands is a gold and diamond exploration company based in Toronto.
| Issuer: | Midlands Minerals Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,885,511
|
| Units: | 9,618,373
|
| Price: | C$0.30
|
| Warrant: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agents: | D & D Securities Co., Haywood Securities Inc.
|
| Pricing date: | Nov. 6
|
| Settlement date: | Dec. 12 (for C$1,746,511); Jan. 12 (for C$1.139 million)
|
| Stock symbol: | TSX Venture: MEX
|
| Stock price: | C$0.32 at close Nov. 5
|
| Stock price: | C$0.29 at close Dec. 12
|
| Stock price: | C$0.35 at close Jan. 11
|
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