Midnight Sun arranges $2.1-million private placement

Nov 6, 2017

2017-11-06 10:43 ET – News Release

Mr. Brett Richards reports

MIDNIGHT SUN GRANTED ADDITIONAL EXTENSION ON SOLWEZI LICENCE AND ANNOUNCES PRIVATE PLACEMENT

Midnight Sun Mining Corp. has received official documentation from the Zambian Ministry of Mines and Mineral Development confirming the renewal of Exploration Licence 12124-HQ-LEL has been granted.

Licence 12124 is valid through Dec. 23, 2018, with an available renewal for a further three years. This renewal extends 12124 for one year longer than originally anticipated by Midnight Sun (see news release dated Oct. 23, 2017).

Private placement

The company announces a non-brokered private placement of up to seven million units at a price of 30 cents per unit for gross proceeds of $2.1-million. Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company for a period of 12 months from the closing of the offering at an exercise price of 45 cents. The net proceeds from the offering will be used by the company to fund exploration on the Solwezi group of licences as well as general working capital. The company intends to close the offering as soon as practicable.

Brett Richards, chief executive officer of the company, has committed to participate in the private placement as the lead order, personally subscribing for $250,000 worth of units.

The offering, including the future issuance of the common shares and warrants, is subject to the final approval of the TSX Venture Exchange. All securities issued will be subject to a hold period of four months and one day pursuant to applicable securities laws.

We seek Safe Harbor.

https://www.midnightsunmining.com/category/2017/