Midnight Sun Mining Corp. Closes Private Placement

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[{"type":"text","content":"Midnight Sun Mining Corp. Closes Private PlacementVANCOUVER, BC / ACCESSWIRE / January 29, 2016 / Midnight Sun Mining Corp. (TSXV: MMA) (the \"Company\" or \"Midnight Sun\") has completed the third and final tranche of its previously announced non-brokered private placement. In the third tranche, the Company issued 4,045,000 units (the \"Units\") at a price of $0.10 per Unit for gross proceeds of $404,500. Each Unit consists of one (1) common share (\"Common Share\") in the capital of the Company and one (1) transferable Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share of the Company for a period of twenty-four months from closing, at an exercise price of $0.20.\nAll securities issued pursuant to the third and final tranche, including the Common Shares underlying the Warrants, are subject to a statutory hold period which expires on May 30, 2016.\nIn total, the Company issued 6,901,250 Units for gross proceeds of $690,125. Finder's fees of $13,400 were paid in cash and 134,000 Broker's Warrants were issued in connection with the Private Placement. Each Broker's Warrant entitles the holder to purchase one common share at a price of $0.20 for a period of 24 months, expiring on January 29, 2018.\nIn total, Insiders of the Company purchased 1,570,000 Units for gross proceeds of $157,000.\nThe net proceeds of the Offering will be used by the Company to fund further exploration work on its optioned Zambian mineral exploration permits as well as general working capital.\nThe completion of the private placement is subject to final acceptance by the TSX Venture Exchange.\nZambian Update\nThe Company has retained Blu Rock Mining Services Ltd to conduct a drill campaign of approximately 600-650 metres on the Company's optioned Solwezi Property. The drill program will test the previously identified (see Company news release dated May 7, 2015) Dumbwa Central soil anomaly and the Mitu targets, which are located approximately 10 kilometres south of the Dumbwa Central target. The Company anticipates results of this program during the first quarter of 2016.\nThis press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be off...

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