Fully subscribed deal finances exploration; Bayfront Capital agent
By Devika Patel
Knoxville, Tenn., Aug. 29 - Midlands Minerals Corp. said it concluded a C$7.3 million private placement of units. Bayfront Capital Partners Ltd. was the agent.
The fully subscribed deal priced for C$3 million with a C$2 million greenshoe on July 28 and was increased to C$6.5 million on Aug. 2. It was again increased to C$7.5 million with a C$1 million greenshoe on Aug. 12.
The company sold 91.25 million units of one common share and one warrant at C$0.08 per unit on a best efforts basis.
Each two-year warrant will be exercisable at C$0.10, a 17.65% premium to the July 27 closing share price of C$0.085.
Proceeds will be used for exploration programs at the company's Sian and Kaniago gold projects in Ghana 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 warrant
|
| Amount: | C$7.3 million
|
| Units: | 91.25 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Bayfront Capital Partners Ltd.
|
| Pricing date: | July 28
|
| Upsize dates: | Aug. 2, Aug. 12
|
| Settlement date: | Aug. 29
|
| Stock symbol: | TSX Venture: MEX
|
| Stock price: | C$0.085 at close July 27
|
| Market capitalization: | C$8.24 million
|
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