Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) has closed an upsized bought deal financing for gross proceeds of C$30.48 million, including the full exercise of the underwriters’ option.
Proceeds will be used to advance exploration at its Zambian copper projects, including its flagship Solwezi Project in the Zambia-Congo Copperbelt, as well as for working capital and general corporate purposes.
The offering consisted of 22.57 million units priced at C$1.35 each.
Each unit comprises one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$2 until October 2027.
Under the offering, the company paid the underwriters a 6% cash commission and issued compensation options allowing them to purchase 6% of the total number of units sold.
Midnight Sun’s Solwezi Project lies adjacent to First Quantum Minerals’ Kansanshi Mine, Africa’s largest copper mining complex.