Core Viewpoint - Midnight Sun Mining Corp. has announced an upsized offering of C$26.5 million through a bought deal financing to support its exploration projects in Zambia [1][4]. Offering Details - The upsized offering will consist of 19,630,000 units priced at C$1.35 per unit, resulting in gross proceeds of C$26,500,500 [2]. - Each unit includes one common share and one-half of a common share purchase warrant, with each warrant allowing the purchase of one common share at C$2.00 for 24 months [3]. - The underwriters have an option to purchase an additional 15% of the offering, potentially raising an extra C$3,975,075 [4]. Use of Proceeds - The net proceeds from the offering will be allocated to advancing exploration projects in Zambia and for general corporate purposes [4]. Regulatory and Closing Information - The offering is expected to close around October 28, 2025, pending necessary approvals from the TSX Venture Exchange and regulatory authorities [7]. - Units offered under the LIFE exemption will not have resale restrictions, while those under private placement exemptions will be subject to a hold period of four months and one day [5][6]. Compensation to Underwriters - The company will pay the underwriters a cash commission of 6.0% of the gross proceeds and issue compensation options equivalent to 6.0% of the total units sold [8]. Company Background - Midnight Sun is focused on its flagship Solwezi Project in Zambia, located in a major copper-producing region, aiming to discover and develop significant copper deposits [11].
Midnight Sun Announces Further Upsize to Previously Announced “Bought Deal” Life Offering and Private Placement of Units to C$26.5 Million