By Devika Patel
Knoxville, Tenn., Dec. 8 - Midlands Minerals Corp. said it took in C$872,383 in the second tranche of a C$6 million private placement of units. The deal priced Oct. 13, and the company raised C$3.21 million in the first tranche on Nov. 10.
The company is selling 40 million units at C$0.15 apiece on a best-efforts basis. There is a 30% greenshoe.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.25 for two years.
In the first tranche, the company sold 9,005,000 units on a brokered basis for C$1.35 million and 12,426,667 units on a non-brokered basis for C$1.86 million, for a total 21,431,667 units.
In the second tranche, the company sold 650,000 units on a brokered basis for C$97,500 and 4,730,999 units on a non-brokered basis for C$784,650, for a total 5,380,999 units.
D&D Securities Co. and Clarus Securities Inc. are the agents for the brokered portion of the deal.
Proceeds will be used for gold projects and general corporate purposes.
Midlands is a gold and diamond exploration company based in Toronto.
| Issuer: | Midlands Minerals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Greenshoe: | 30%
|
| Units: | 40 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agents: | D&D Securities Co. and Clarus Securities Inc.
|
| Pricing date: | Oct. 13
|
| Settlement dates: | Nov. 10 (for C$3,214,750), Dec. 8 (for C$872,383)
|
| Stock symbol: | TSX Venture: MEX
|
| Stock price: | C$0.21 at close Oct. 12
|
| Market capitalization: | C$15.1 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
