By Devika Patel
Knoxville, Tenn., Feb. 1 - Midlands Minerals Corp. said it took in C$4.6 million in the first tranche of a C$10.5 million non-brokered private placement of units. The deal priced Jan. 22.
The company is selling 30 million units at C$0.35 apiece. It sold 13,139,624 units in this tranche. The remaining units will be sold on Feb. 5.
Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.50 for two years.
Proceeds will be used for exploration.
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$10.5 million
|
| Units: | 30 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 22
|
| Settlement date: | Feb. 1 (for C$4,598,868), Feb. 5
|
| Stock symbol: | TSX Venture: MEX
|
| Stock price: | C$0.52 at close Jan. 21
|
| Market capitalization: | C$24.5 million
|
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