MDNGF - Mining Co. Earns $10M To Fund Exploration | Benzinga

Midnight Sun Mining Corp (OTC: MDNGF) has successfully closed its latest private placement, securing US$10 million to fund exploration activities at its mineral properties in Zambia. Initially targeting US$3.3 million through the offering, the company experienced "overwhelming demand" for subscription agreements, leading to a significant oversubscription in the financing round.

The company announced that it would issue 45,454,545 units priced at US$0.22 each. Each unit consists of one common share and one purchase warrant. These warrants will allow holders to purchase additional common shares at a price of US$0.33 each over the next 36 months following the placement.

Midnight Sun has confirmed that the offering is expected to close as promptly as possible, pending final approval from the TSX Venture Exchange.

Why Copper?

Dominic Frisbee of The Flying Frisbee on May 9 underscored the urgency of the situation surrounding copper supply.

Frisbee wrote, "I wish I had a bitcoin for every article and research report that has crossed my desk in the last three years about the looming copper supply crisis." Frisbee points out that "copper price action . . . has seen US$4.20-4.60/lb area as resistance for a long time" and draws parallels to historical price actions to speculate on future trends.

Caesars Report stated that, "(Midnight Sun Mining) 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 CA$0.3M as of the end of calendar year 2023, we expect the working capital requirements needs to be met."

He also notes that analysts at Goldman ...