Midnight Sun increases bought deal to $17.5-million

Executive Summary

• Midnight Sun Mining Corp. upsized its previously announced bought‑deal LIFE offering and private placement to $17.5 million, issuing 12,963,000 units at $1.35 per unit.
• Each unit consists of one common share plus half a warrant (full warrant exercisable at $2.00 per share for 24 months); underwriters have an option for an additional 15 % of the offering (~$2.63 million).
• Net proceeds will fund exploration across Zambian projects and provide working capital/general corporate purposes.

Key Details

• Units sold: 12,963,000 units @ $1.35 per unit → Gross proceeds: $17,500,050.
• Unit composition: 1 common share + ½ warrant; each full warrant allows purchase of one common share at $2.00 for 24 months from closing.
• Underwriter option: Up to an additional 15 % of the offering (≈1,944,450 units) at the same issue price, providing up to $2,625,007.50 extra gross proceeds.
• Lead underwriter/bookrunner: Haywood Securities Inc.; syndicate includes Beacon Securities Ltd., Red Cloud Securities Inc., SCP Resource Finance LP.
• Use of proceeds: Advance exploration on Zambian projects; working capital and general corporate purposes.
• Distribution restrictions: Units sold under the LIFE are unrestricted in Canada (except Quebec); private‑placement units subject to a 4‑month + 1‑day hold period in Canada.
• Closing date: Expected on or about Oct. 28, 2025, subject to customary closing conditions and TSX‑V acceptance.
• Underwriter compensation: Cash commission of 6.0 % of gross proceeds plus transferable compensation options equal to 6.0 % of units sold, exercisable at the issue price for 24 months.

Notable Quotes

(No executive quotes provided in the release.)