Midland Exploration closes $3.03-million financing

Executive Summary

• Midland Exploration Inc. closed a non-brokered private placement raising gross proceeds of $3,037,811.
• The issuance included 4,972,876 flow-through shares at $0.56 per share and 550,000 common shares at $0.46 per share.
• Proceeds are designated for exploration works on Quebec properties and general corporate purposes.

Key Details

• Gross Proceeds: $3,037,811 total.
• Share Issuance:
  • 4,972,876 common shares qualifying as flow-through shares issued at $0.56 per share.
  • 550,000 common shares issued at $0.46 per share.
• Investor Participation:
  • Centerra Gold Inc. exercised its right to maintain ~9.9% ownership by acquiring 550,000 shares (granted via investor rights agreement dated July 25, 2025).
  • Insiders participated, acquiring 443,500 flow-through shares for $348,360.
• Use of Proceeds: Financing exploration works on properties in Quebec and general corporate purposes.
• Post-Closing Share Count: 112,973,453 common shares issued and outstanding.
• Hold Period: Securities subject to a four-month-and-one-day statutory hold period expiring on April 10, 2026.
• Finder’s Fees: $116,485 paid to arm's-length third parties.
• Regulatory Status: Carried out pursuant to prospectus exemptions; subject to final acceptance by the TSX Venture Exchange.
• Related Party Transaction: Insider participation classified as a related party transaction under Regulation 61-101; exemptions from formal valuation and minority shareholder approval were relied upon as insider consideration did not exceed 25% of market capitalization.

Notable Quotes

• None provided in the text.