Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) has said it is all set to carry out exploration plans in Zambia after closing a $10 million placement.
“Midnight Sun is now sufficiently funded to execute on all of our exploration plans,” chief executive Al Fabbro said.
Just $3.3 million had originally been sought through the offering, but Midnight Sun increased its size on “overwhelming demand”.
Fabbro added plans for the Solwezi Project in Zambia had come into sharp focus recently, including through an earn-ion with KoBold Metals and cooperative exploration with First Quantum Minerals (TSX:FM).
“We have a two-fold attack plan underway, comprised of aggressive drill campaigns on two separate key targets, designed to demonstrate the tremendous value of our copper project, all underpinned by a very significant financing,” he said.
Proceeds from the placement will be used to fund such exploration work at the Zambia-based projects.
Some 45,454,544 units were sold at $0.22 each through the placement, with each comprising of a common share and purchase warrant.
Such purchase warrants entitle holders to purchase one common share at an exercise price of $0.33 for 36 months following the placement.
Midnight Sun added $426,788 and purchase warrants were set to be paid as finders fees, while stock options with a $0.225 per share exercise price had been granted to the likes of certain directors in the company.