Vancouver, British Columbia--(Newsfile Corp. - December 2, 2016) - Midnight Sun Mining Corp. (TSXV: MMA) (the "Company" or "Midnight Sun") has completed the second and final tranche of its previously announced non-brokered private placement by issuing 4,400,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of $440,000. Each Unit consists of one common share ("Common Share") in the capital of the Company and one transferable Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Common Share of the Company for a period of twenty-four months from closing, at an exercise price of $0.20.
Finder's fees of $16,000 were paid in cash and 120,000 Finder's Warrants were issued in connection with the second tranche of the private placement. Each Finder's Warrant entitles the holder to purchase one common share at a price of $0.20 for a period of twenty-four months, expiring on December 2, 2018.
All securities issued pursuant to this tranche, including the Common Shares underlying the Warrants, are subject to a statutory hold period which expires on April 3, 2017.
In total, the Company issued 10,632,000 Units for gross proceeds of $1,063,200. Finder's fees of $44,256 were paid in cash and 402,560 Finder's Warrants were issued in connection with the Private Placement.
In total, Insiders of the Company purchased 1,000,000 Units for gross proceeds of $100,000.
The net proceeds of the Offering will be used by the Company to fund further exploration work on its optioned Zambian mineral exploration permits as well as general working capital.
