MONTREAL, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”)
(TSX-V: MD) is pleased to announce that it has completed a closing of a non-brokered private placement with
accredited investors as well as with directors and officers of Midland (the “Insiders”) by issuing a total of 1,969,638
flow-through common shares (the “Flow-Through Shares”) at $1.35 per share, for total gross proceeds of $2,659,012. The securities
issued in the private placement are subject to a four-month hold period expiring on April 6, 2019.
Midland will use the private placement proceeds to fund exploration works on its properties located in
Quebec.
The Insiders’ participation is exempt from the formal valuation and minority shareholder approval requirements
provided under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation
61-101”) in accordance with sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is based on the fact that neither the
fair market value of the private placement, nor the consideration paid by such Insiders exceeds 25% of the market capitalization of
the Corporation.
As a result of the closing of the private placement, there are 63,005,922 common shares of Midland issued and
outstanding.
The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is
subject to final acceptance by the TSX Venture Exchange. In connection with the Offering, finder’s fees equal to an aggregate
amount of $127,414 were paid to arm’s length third parties of Midland.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group
elements and base metals. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Osisko Mining Inc.,
Altius Minerals Corp., SOQUEM INC., NioBay Metals Inc., Nuvavik Mineral Exploration Fund, and Abcourt Mines Inc. Midland prefers to
work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is
currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
Gino Roger, President and Chief Executive Officer
Tel: 450 420-5977
Fax: 450 420-5978
E-mail: info@midlandexploration.com
Website: www.midlandexploration.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and
uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those
described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with
securities regulatory authorities.
