Midland Exploration announced that the Corporation has arranged a non-brokered private placement for aggregate gross proceeds of $5,058,750 from the sale of 10,650,000 shares of the Corporation at a price of $0.475 per FT Share. Each FT Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act. Concurrently with the Charity FT Offering, the Corporation intends to complete a non-brokered private placement with institutional investors for additional gross proceeds of approximately $1,050,000 from the sale of 3,181,818 common shares of the Corporation at a price of $0.33 per Share. Centerra Gold (CGAU) is expected to participate in the Offering as a strategic investor and, upon closing, will hold 9.9% of the Corporation’s issued and outstanding common shares.
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