By Devika Patel
Knoxville, Tenn., Oct. 23 - Midway Gold Corp. said it will take in C$2.75 million in a non-brokered private placement of units.
The company will sell 12.5 million units of one common share and one warrant at C$0.22 apiece on a best efforts basis. The warrants are exercisable at C$0.28 for six months.
Proceeds will be used to fund the company's ongoing programs on its mineral exploration projects and to pay down debt.
Midway, based in White Rock, B.C., is a precious metals exploration company.
Issuer: | Midway Gold Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$2.75 million
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Units: | 12.5 million
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Price: | C$0.22
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Warrants: | One warrant per unit
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Warrant expiration: | Six months
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Warrant strike price: | C$0.28
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Agent: | Non-brokered
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Pricing date: | Oct. 23
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Stock symbol: | TSX Venture: MDW
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Stock price: | C$0.22 at close Oct. 22
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