Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) jumped after closing the books on a private placement having secured $10 million to fund exploration work at the Zambian mineral properties.
The company had originally sought $3.3 million through the offering, with Midnight Sun hailing “overwhelming demand” for subscription agreements in a statement on Tuesday.
Some 45,454,545 units will be sold at $0.22 each through the placement, comprising of a common share and purchase warrant.
Such purchase warrants will entitle holders to purchase one common share at an exercise price of $0.33 for 36 months following the placement.
Midnight Sun reiterated that the offering would be closed “as soon as practicable”, including after final approval by the TSX Venture Exchange.
Shares climbed 6% on Tuesday following the news.