Business
Midlands Minerals Corporation announces completion of a brokered private placement financing of $2,875,000
Midlands Minerals Corporation announces completion of a brokered private placement financing of $2,875,000.
About this update from King Global Ventures Inc.
[{"type":"text","content":"\n\n\n\n\nTSX-VN: \"MEX\"\n\nTORONTO, March 27 /CNW/ - Kim Harris, Chief Executive Officer, Midlands\nMinerals Corporation (\"Midlands\" or the \"Company\") is pleased to announce it\nhas completed a brokered private placement financing of $2,875,000 (Canadian)\nin the placement of 11,500,000 units (the \"Units\") priced at $0.25 per Unit\nwith each Unit consisting of one (1) common share and one (1) share purchase\nwarrant (a \"Warrant\") entitling the holder to acquire a further common share\nat a price per share of $0.35 in year one, and $0.45 in year two. The share\npurchase warrants are valid until March 20th, 2008.\nDominick & Dominick Securities Inc. and Haywood Securities Inc. acted as\nco-agents with respect to this placement and received a commission of $230,000\nin cash and 920,000 Broker's Warrants entitling them to acquire a further\ncommon share at $0.35 per share in year one and $0.45 in year two. The\nBroker's Warrants are valid until March 20th, 2008.\nOn January 23rd, 2006, the Company announced a private placement offering\nof 10 million Units at $0.25 per Unit for gross proceeds of $2,500,000. This\noffering was oversubscribed. On March 15, 2006, the TSX Venture Exchange gave\nits consent and approved an additional $375,000, for gross proceeds of\n$2,875,000 and for a total of 11,500,000 Units. The Company has fully complied\nwith all the regulatory requirements with respect to the documentation as it\nrelates to the TSX Venture Exchange approvals.\nAll securities issued as part of this financing will be legended and\nrestricted from trading until July 20th, 2006. With the closing of this\nfinancing, the Company currently has 34,966,668 common shares issued and\noutstanding.\nThe proceeds from the offering will be used for exploration on the\nCompany's properties in Ghana and Tanzania and for general working capital\npurposes. The Company will focus its efforts on Kwahu Praso and Sian\nproperties located on the Ashanti Gold Belt in Ghana. Sian Goldfields is a\npast gold producer with a historical resource and a processing plant. Kwahu\nPraso and Sian, which are contiguous, together present a promising exploration\nopportunity in the near term. Work will begin on these properties soon after\nthe completion of 43-101 reports expected to be completed by the end of April\n2006, and upon the transfer of the Si...