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Midnight Sun Capital Corp. Announces Completion of Initial Public Offering and Listing on the Tsx Venture Exchange
Last Update: 1/23/2008 10:12:28 AM
VANCOUVER, BRITISH COLUMBIA, Jan 23, 2008 (Marketwire via COMTEX) -- Midnight Sun Capital Corp. ("Midnight Sun") (MMAP) is pleased to announce that on January 16, 2008, it successfully completed its initial public offering ("IPO") by way of prospectus dated November 26, 2007 through its agent, PI Financial Corp. ("PI Financial"), of 1,000,000 common shares at a price of $0.25 per share, for aggregate gross proceeds of $250,000. In addition, Midnight Sun granted to PI Financial compensation options allowing it to purchase up to 100,000 common shares at a price of $0.25 per share for a period of 24 months from the date Midnight Sun's common shares are listed on the TSX Venture Exchange (the "Exchange"). In this regard, Midnight Sun's common shares commenced trading on the Exchange on January 23, 2008 under the trading symbol MMA.P.
As disclosed in its prospectus, Midnight Sun also announces that, in conjunction with the completion of its IPO, it has granted incentive stock options to its directors and officers, entitling them to purchase up to a total of 300,000 common shares at a price of $0.25 per share for a period of up to 5 years, provided that an optionee may not exercise his option later than the greater of 12 months after the completion of a "Qualifying Transaction" pursuant to the provisions of the Exchange Policy 2.4, and 90 days following the cessation of that optionee's position with Midnight Sun.
Midnight Sun is a capital pool company governed by the policies of the Exchange. It currently has 3,000,000 common shares issued and outstanding, of which 2,000,000 are subject to escrow restrictions. Of these 2,000,000 escrowed shares, 1,800,000 are held by Strategic Metals Ltd., which is a reporting issuer in British Columbia and Alberta, the common shares of which are also listed for trading on the Exchange as a "Tier 1 issuer", with certain of its directors and/or officers also being directors and/or officers of Midnight Sun. Midnight Sun's principal business is the identification and evaluation of assets or businesses, with a view to completing a Qualifying Transaction.
MIDNIGHT SUN CAPITAL CORP.
Robert C. Carne, President
SOURCE: Midnight Sun Capital Corp.