VANCOUVER, British Columbia, Oct. 03, 2025 (GLOBE NEWSWIRE) -- Midnight Sun Mining Corp. (TSXV:MMA, OTC:MDNGF) ("Midnight Sun" or the "Company") is pleased to announce that it has further amended the terms of its previously announced "bought deal" LIFE offering and private placement financing to increase the size of the offering to C$26.5 million (the "Upsized Offering").
Under the terms of the Upsized Offering, Haywood Securities Inc. ("Haywood"), as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters including Beacon Securities Limited, Red Cloud Securities Inc., and SCP Resource Finance LP (together with Haywood, the "Underwriters"), has agreed to purchase, on a "bought deal" basis, 19,630,000 units of the Company (the "Units") at a price per Unit of C$1.35 (the "Issue Price") for aggregate gross proceeds to the Company of C$26,500,500, to be issued and sold to eligible purchasers pursuant to: (i) private placement exemptions in accordance with National Instrument 45-106, Prospectus Exemptions ("NI 45-106") (the "Private Placement Exemptions"); and/or (ii) the ‘listed issuer financing exemption' under Part 5A of NI 45-106 and Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE Exemption"), in any combination thereof.
Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant of the Company (each whole purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (a "Warrant Share") at a price per Warrant Share of C$2.00 for a period of 24 months from the Closing Date (as defined herein).
The Company has agreed to grant the Underwriters an option (the "Underwriters' Option") to purchase up to an additional 15% of the Upsized Offering in Units at the Issue Price for additional gross proceeds to the Company of up to C$3,975,075.
The net proceeds from the sale of the Units will be used by the Company for advancing exploration across the Company's Zambian exploration projects and for working capital and general corporate purposes.
The Units to be issued under the Upsized Offering pursuant to the LIFE Exemption will be offered to purchasers in each of the provinces of Canada, except Québec, and will not be subject to resale restrictions pursuant to applicable Canadian securities laws.
The Units ...
