NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, May 15, 2018 — Midnight Sun Mining Corp. (the “Company” or “Midnight Sun”) (TSX-V: MMA) has completed the first tranche of its previously announced non-brokered private placement by issuing 1,371,563 units (the “Units”) at a price of $0.32 per Unit for gross proceeds of $438,900. Each Unit consists of one common share (“Common Share”) in the capital of the Company and one-half of one Common Share purchase warrant (“Warrant”). Each full Warrant entitles the holder to purchase one Common Share of the Company for a period of twelve months from closing, at an exercise price of $0.48.
Finder’s fees of $18,744 will be paid in cash and 58,575 Finder’s Warrants will be issued in connection with this tranche of the private placement. Each Finder’s Warrant will entitle the holder to purchase one common share at a price of $0.48 for a period of twelve months, expiring on May 11, 2019.
Insiders of the Company have subscribed for 25,000 Units in this tranche for gross proceeds of $8,000.
All securities issued pursuant to this tranche, including the Common Shares underlying the Warrants, are subject to a statutory hold period which expires on September 12, 2018.
The net proceeds of this offering will be used by the Company to fund further exploration work on its Zambian mineral properties as well as general working capital.
The completion of this private placement remains subject to final acceptance by the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.
Brett A. Richards – President and Chief Executive Officer
For Further Information Contact:
|Brett A. Richards
President and Chief Executive Officer
Tel: +1 905 449 1500
Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE PO
These securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.