Midnight Sun Mining (MMA.V) is in the final stages of closing a C$4.4M placement. The capital raise was initially announced as a C$3.3M raise priced at C$0.22 per unit with each unit consisting of one common share of the company as well as a full warrant. Each warrant allows the warrant holder to acquire an additional share of Midnight Sun at C$0.33 during a three year period.
The company will use the proceeds to fund its exploration activities on the Zambian properties and for general working capital. Considering the balance sheet shows a working capital deficit of C$0.3M as of the end of calendar year 2023, we expect the working capital requirements needs to be met, thanks to a decent amount of net proceeds (after taking finders fees into consideration as well).
Disclosure: The author has a long position in Midnight Sun Mining and is participating in the current financing. Please read the disclaimer.
