Midway Gold Closes C$6.6 Million Equity Placements
June 16 2010 - 8:17AM
Marketwired
Midway Gold Corp. ("Midway" or the "Company") (TSX VENTURE:
MDW)(NYSE Amex: MDW) is pleased to announce that has closed its
previously announced unit offerings. Pursuant to the offerings,
Midway raised aggregate gross proceeds of C$6.6 million, through
the issue of 9,412,000 units through a brokered offering in Canada
and the United Kingdom and the issue of 1,666,666 units in a
non-brokered offering in the United States. The units were issued
at C$0.60 per unit, each unit comprising one common share and one
half of one non-transferable common share purchase warrant. Each
whole warrant will entitle the holder to purchase one common share
of Midway at a price of C$0.80 per share until June 16, 2012.
Haywood Securities Inc. was engaged as the agent for the
brokered offering in Canada and the United Kingdom and was paid a
cash commission of 7% of the total gross proceeds of the brokered
offering and issued agent's warrants exercisable to acquire 658,840
common shares of Midway at an exercise price of C$0.80 until June
16, 2012.
Midway intends to use the aggregate net proceeds from the
offering to advance its projects, to fund its general and
administrative cost (including property maintenance fees) and for
general working capital purposes.
There was no placement agent or underwriter for the offering of
the units in the United States. The units were offered directly to
specified investors by officers of the Company. No placement agent
or underwriter participated in the offer of the securities or
reviewed the prospectus supplements filed in relation to the
offering in the United States.
The units were offered pursuant to final prospectus supplements
(the "US Prospectus Supplements") to the base shelf prospectus (the
"U.S. Base Prospectus") in the Company's effective shelf
registration statement on Form S-3 (File No. 333-165842) (the
"Registration Statement") which was declared effective by the
Securities and Exchange Commission on May 6, 2010, and pursuant to
final prospectus supplements (the "Canadian Prospectus
Supplements") to the Company's base shelf prospectus, dated May 4,
2010 (the "Canadian Base Prospectus"), filed with securities
regulatory authorities in each of the provinces of British
Columbia, Alberta and Ontario. Copies of the Canadian Prospectus
Supplements and the accompanying Canadian Base Shelf Prospectus may
be obtained by accessing the website maintained by the Canadian
securities regulatory authorities at www.sedar.com, and copies of
the US Prospectus Supplements and the Registration Statement may be
obtained by accessing the SEC website at www.sec.gov.
Copies of the final U.S. Prospectus Supplement and final
Canadian Prospectus Supplement in connection with the placement of
units in Canada and to certain qualified persons in the United
Kingdom along with the U.S. Base Prospectus and Canadian Base
Prospectus can be obtained from the Agent at:
Haywood Securities Inc.
Suite 2000-400 Burrard Street
Vancouver, BC, Canada
V6C 3A6
Attention: Michelle Jankovich
Telephone: 604-697-7126
E-mail: mjankovich@haywood.com
Copies of the final U.S. Prospectus Supplement and final
Canadian Prospectus Supplements in connection with the placement of
units in the United States along with the U.S. Base Prospectus and
Canadian Base Prospectus can be obtained from the Company at:
Midway Gold Corp.
15782 Marine Drive - Unit 1
White Rock, BC, Canada
V4B 1E6
Attention: R.J. Smith
Telephone: (877) 475-3642
E-mail: infodata@midwaygold.com
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The securities offered have not been approved or
disapproved by any regulatory authority, nor has any such authority
passed upon the accuracy or adequacy of the U.S. Prospectus
Supplements, the Canadian Prospectus Supplements or the
Registration Statement.
ON BEHALF OF THE BOARD
Daniel Wolfus, Chairman and CEO
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
design, build, and operate mines in a manner accountable to all
stakeholders while producing an acceptable return to its
shareholders. Midway controls over 65 square miles of mineral
rights in the western United States, including four advanced
exploration projects: Spring Valley, Pan, Golden Eagle, and Midway,
as well as three early stage exploration targets. These early stage
exploration projects include Gold Rock, Roberts Gold and Burnt
Canyon.
Neither the TSX Venture Exchange nor its Regulation Services
Provide (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Midway Gold Corp. R.J. Smith (877) 475-3642
(toll-free) www.midwaygold.com
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