{"id":1111284,"date":"2019-04-16T19:27:03","date_gmt":"2019-04-16T19:27:03","guid":{"rendered":"http:\/\/resourceworld.com\/?p=55360"},"modified":"2019-04-16T19:27:03","modified_gmt":"2019-04-16T19:27:03","slug":"midland-announces-a-strategic-investment-from-bhp","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1111284","title":{"rendered":"Midland Announces a Strategic Investment From BHP"},"content":{"rendered":"

\"\"<\/a>Midland Exploration Inc. [TSX-V:\u00a0MD] (\u201cMidland\u201d) <\/strong>is pleased to announce that it has entered into an investment agreement (the \u201cInvestment Agreement\u201d) with BHP Billiton Canada Inc. (\u201cBHP\u201d) pursuant to which BHP has agreed to make an investment in Midland by subscribing for 3,444,000 units of Midland (the \u201cUnits\u201d) at an issue price of $1.70 per Unit for aggregate consideration of $5,854,800 (the \u201cPrivate Placement\u201d). Each Unit will consist of one common share in the capital of Midland (the \u201cCommon Shares\u201d) and one Common Share purchase warrant (the \u201cWarrants\u201d). Each Warrant will entitle BHP to acquire one additional Common Share at an exercise price of $2.05 per Common Share for a period of 18 months. Midland can accelerate the expiry of the Warrants if the daily volume-weighted average trading price of the Common Shares on the TSX Venture Exchange exceeds $2.25 for 20 consecutive trading days at any time following 120 days after closing of the Private Placement. Immediately following the Private Placement, it is expected that BHP will hold 5% of the issued and outstanding Common Shares (on a non-diluted basis).<\/p>\n

\u201cThis investment will provide Midland with sufficient funds to advance and develop our copper exploration work in northern Quebec, including our Mythril Cu-Au-Mo-Ag project. We are delighted to welcome BHP as one of our new shareholders\u201d commented Midland\u2019s President and CEO, Gino Roger.<\/p>\n

\"\"<\/a>The Private Placement is expected to close by the end of April and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX Venture Exchange. As a result of the Private Placement, 68,878,222 Common Shares of Midland will be issued and outstanding.<\/p>\n

Pursuant to the terms of the Investment Agreement, BHP will be granted certain rights as long as BHP holds Common Shares equal to at least 5% of the issued and outstanding Common Shares (on a partially diluted basis), including:<\/p>\n