Vancouver, British Columbia--(Newsfile Corp. - November 6, 2017) - Midnight Sun Mining Corp. (TSXV: MMA) (the "Company" or "Midnight Sun") is pleased to announce it has received official documentation from the Zambian Ministry of Mines and Mineral Development confirming the renewal of Exploration Licence 12124-HQ-LEL ("12124") has been granted.
12124 is valid through December 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 October 23, 2017).
Private Placement
The Company announces a non-brokered private placement of up to 7,000,000 units (the "Units") at a price of $0.30 per Unit for gross proceeds of $2,100,000 (the "Offering"). Each Unit will consist of one (1) common share ("Common Share") in the capital of the Company and one (1) Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share of the Company for a period of twelve months from the closing of the Offering at an exercise price of $0.45. The net proceeds from the Offering will be used by the Company to fund exploration on the Solwezi Group of Licenses 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.
