Midnight Sun again increases bought deal to $26.5M

Executive Summary

• Midnight Sun Mining Corp. upsized its previously announced bought‑deal LIFE offering and private placement to a total gross proceeds of C$26.5 million.
• The offering consists of 19.63 million units at $1.35 per unit, each unit containing one common share and half of a common‑share purchase warrant (exercise price $2.00, 24‑month term).
• Net proceeds will be used to advance exploration on the company’s Zambian projects and for working capital/general corporate purposes.

Key Details

• Units Offered: 19.63 million units @ $1.35 each → gross proceeds $26,500,500.
• Unit Composition: 1 common share + ½ warrant (right to purchase one common share at $2.00 for 24 months).
• Underwriters: Lead – Haywood Securities Inc.; syndicate includes Beacon Securities Ltd., Red Cloud Securities Inc., SCP Resource Finance LP.
• Option Grant: Underwriters may purchase up to an additional 15 % of the upsized offering (≈2.94 million units) at the issue price, providing potential extra gross proceeds of $3,975,075.
• Commission & Compensation: Cash commission equal to 6.0 % of gross proceeds; transferable compensation options equal to 6.0 % of units sold, exercisable at the $1.35 issue price for 24 months.
• Use of Proceeds: Exploration across Zambian projects, working capital, and general corporate purposes.
• Distribution Restrictions:
• LIFE units – no resale restrictions under Canadian securities law.
• Private‑placement units – hold period of 4 months + 1 day from closing date for Canadian purchasers.
• Closing Timeline: Expected to close on or about Oct. 28, 2025, subject to TSX‑V conditional listing approval and other regulatory consents.

Notable Quotes

(No direct quotes were provided in the release.)