Midnight Sun arranges $10-million financing

Executive Summary

• Midnight Sun Mining Corp. announced a C$10 million bought‑deal life offering of 7,408,000 units at $1.35 per unit, with gross proceeds of $10,000,800.
• Each unit consists of one common share and half of a common‑share purchase warrant (exercise price $2, 24‑month term).
• The company granted underwriters an option to purchase up to an additional 15 % of the units for up to $1,500,120, and will use net proceeds for Zambian exploration projects, working capital, and general corporate purposes.

Key Details

• Units Offered: 7,408,000 units @ $1.35 per unit → Gross Proceeds: $10,000,800.
• Unit Composition: 1 common share + ½ warrant (each warrant = right to buy 1 common share at $2 for 24 months).
• Underwriter Option: Up‑to‑15 % additional units (≈1,111,200 units) @ $1.35 → Potential Additional Proceeds: $1,500,120.
• Use of Proceeds: Advance exploration across Zambian projects; working capital; general corporate purposes.
• Distribution: Units offered to Canadian provinces except Quebec (no resale restrictions under LIFE); 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 listing approval.
• Underwriter Compensation: Cash commission of 6.0 % of gross proceeds plus transferable compensation options equal to 6.0 % of units sold (exercise price = issue price, exercisable for 24 months).

Notable Quotes

(No CEO/President quotes were included in the release.)