Midnight Sun Mining Corp. Announces Private Placement
NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
Midnight Sun Mining Corp. Announces Private Placement
Vancouver, British Columbia, May 12, 2020 -- Midnight Sun Mining Corp. (the "Company" or
"Midnight Sun") (TSX -V: MMA) is pleased to announce a non -brokered private placement of up to
7,500,000 units (the "Units") at a price of $0.1 35 per Unit for gross proceeds of $ 1,012,500 (the
“Offering”). Each Unit will consist of one (1) common share ("Common Share") in the capital of the
Company and one (1) Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to purchase one Common Share of the Company for a period of twenty-four months from the
closing of the Offering at an exercise price of $0.2 5. The Company intends to close the Offering as
soon as practicable.
The net proceeds of the Offering will be used by the Company as general working capital.
The Offering, including the futu re issuance of the Common Shares and Warrants, is subject to the
final approval of the TSX Venture Exchange. All securities issued will be subject to a hold period of
four months and one day pursuant to applicable securities laws.
Investor Relations & Stock Option Grant
The Company has extended the investor relation services agreement with Kaye Wynn Consulting Inc.
("Kaye Wynn"). Kaye Wynn has been engaged for an additional one year period at a rate of $ 3,000
(plus GST) per month. The Company will also grant Kaye Wynn stock options to purchase 350,000
Common Shares at an exercise price of $0.135 per share for the term of their engagement. The stock
options shall vest in accordance with TSX Venture Exchange policies relatin g to the granting and
vesting of Investor Relations Stock Options. The options are granted pursuant to the Company's
Stock Option Plan and the contract may be cancelled by either party with 30 days’ notice.
Additionally, Midnight Sun has granted stock op tions to purchase an aggregate of 2,650,000
Common Shares of the Company, at an exercise price of $0.135 per share, to certain directors,
officers, employees, and consultants. The stock options are granted pursuant to Midnight Sun’s 10%
rolling stock option plan, are fully vested upon issuance, and shall expire five years from the date of
issue.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.
Al Fabbro – Lead Director & Acting Chief Executive Officer
For Further Information Contact:
Al Fabbro
Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
These securities being offer ed have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the
United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S.
Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of securities in the United States.
This news release includes certain statements that may be deemed "forward-looking statements." All
statements in this release, other than statements of historical facts, the expected completion of the
Offering, and the expected use of proceeds are forward -looking statements. Although the Company
believes the expectations expressed in such forward -looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or
developments may differ materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking statements include, changes in
market conditions, unsuccessful exploration results, changes in commodity price, unanticipated
changes in key management perso nnel and general economic conditions. Mining exploration and
development is an inherently risky business. Accordingly the actual events may differ materially from
those projected in the forward -looking statements. This list is not exhaustive of the factors that may
affect any of the Company's forward -looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on the Company's forward -looking
statements. The Company does not undertake to update any forward-looking statement that may be
made from time to time by the Company or on its behalf, except in accordance with applicable
securities laws.