Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) announced that it plans to raise up to $3.3 million through a non-brokered private placement to fund exploration work at its Zambian mineral properties.
The company said it will issue 15 million units at a price of $0.22 per unit.
Each unit will consist of a share and a share purchase warrant, with each warrant entitling the holder to purchase a share for three years from the closing of the offering at $0.33.
Red Cloud Securities is acting as a finder for Midnight Sun Mining for the offering.
The company said it intends to close the offering “as soon as practicable.”
Midnight Sun Mining is focused on exploration at its flagship Solwezi project located in the heart of the Zambia-Congo Copperbelt.