Midland Announces Closing of $6.1 Million Private Placement with Strategic Investment from Centerra Gold
MONTREAL, July 28, 2025 (GLOBE NEWSWIRE) -- Midland Exploration Inc. ("Midland" or the "Corporation") (TSXV:MD) is pleased to announce the closing of a previously announced private placement (see press release dated July 22, 2025), for gross proceeds of $5,058,750 from the sale of 10,650,000 shares of the Corporation (each a "FT Share") at a price of $0.475 per FT Share. Each FT Share will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) ("Tax Act").
As part of the private placement, Midland is pleased to welcome Centerra Gold Inc. ("Centerra") (TSX:CG) (NYSE:CGAU) as a new strategic investor. Centerra now holds approximately 9.9% of the Corporation's issued and outstanding common shares.
Midland is also pleased to announce the closing of a concurrent non-brokered private placement of 3,181,819 common shares (each a "Share") at a price of $0.33 per Share, for gross proceeds of $1,050,000, with the following entities:
CDPQ Sodémex Inc. (a wholly owned subsidiary of Caisse de dépôt et placement du Québec), which exercised its contractual right to participate in certain share placements of the Corporation;
SIDEX LP; and
NQ Investissement Minier LP.
After closing of the private placements of FT Shares and Shares for aggregate gross proceeds of $6,108,750 (collectively, the "Offering"), there are 107,450,577 common shares of the Corporation issued and outstanding.
The gross proceeds from the Offering will be used for "Canadian exploration expenses" that qualify as "flow-through mining expenditures", as both terms are defined in the Tax Act (the "Qualifying Expenditures"). The Qualifying Expenditures will be incurred on or before December 31, 2026, and will be renounced to the subscribers with an effective date no later than December 31, 2025, in ...
