Midnight Sun Announces Warrant Extension

Rhea-AI Summary

Midnight Sun Mining announced the extension of the exercise period for 5,619,714 share purchase warrants, originally issued in a private placement on July 2, 2021. The new expiry date is set to July 2, 2025, with all other terms remaining unchanged. This extension is pending approval from the TSX Venture Exchange.

The company also granted stock options to purchase 550,000 common shares to employees and consultants at $0.33 per share. These options are fully vested and will expire five years from the issue date.

Positive

• Extension of warrant exercise period provides investors with an additional year to capitalize on their investment.
• Issuance of 550,000 stock options to employees and consultants can incentivize performance and align interests with shareholders.

Negative

• Delaying the warrant expiration may indicate that the company is not confident in its short-term stock performance.
• Granting stock options could lead to potential dilution for existing shareholders.

Vancouver, British Columbia--(Newsfile Corp. - June 24, 2024) - Midnight Sun Mining Corp. (TSXV: MMA) (OTC Pink: MDNGF) (the "Company" or "Midnight Sun") intends to extend the exercise period of a total of 5,619,714 share purchase warrants, all of which are exercisable at $0.50 per common share (collectively, the "Warrants"). The Warrants were issued pursuant to a private placement which closed on July 2, 2021. The Company proposes to extend the expiry dates for these Warrants by an additional twelve months and accordingly the new expiry dates for the Warrants will be July 2, 2025.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

Stock Option Grant

Midnight Sun has granted stock options to purchase an aggregate of 550,000 Common Shares of the Company, at an exercise price of $0.33 per share, to certain employees and consultants. These stock options are fully vested upon issuance and expire five years from the date of issue. The stock options are granted pursuant to Midnight Sun's 10% rolling stock option plan.

About Midnight Sun

Midnight Sun is focused on exploring our flagship Solwezi Project, located in Zambia. Situated in the heart of the Zambia-Congo Copperbelt, the second largest copper producing region in the world, our property is vast and highly prospective. Our Solwezi Project is surrounded by world-class producing copper mines, including Africa's largest copper mining complex right next door, First Quantum's Kansanshi Mine. Led by an experienced geological team with multiple discoveries and mines around the world to their credit, Midnight Sun intends to find and develop Zambia's next generational copper deposit.

ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.

Al Fabbro
President & CEO

For Further Information Contact:
Adrian O'Brien
Director of Marketing and Communications
Tel: +1 604 809 6890
Em: adrian@midnightsunmining.com

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.

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 personnel 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214224

FAQ

What is the new expiry date for Midnight Sun Mining's share purchase warrants?

The new expiry date for Midnight Sun Mining's share purchase warrants is July 2, 2025.

At what price are the new stock options granted by Midnight Sun Mining exercisable?

The new stock options granted by Midnight Sun Mining are exercisable at $0.33 per share.

How many stock options did Midnight Sun Mining grant to its employees and consultants?

Midnight Sun Mining granted 550,000 stock options to its employees and consultants.

What is the stock symbol for Midnight Sun Mining on the OTC market?

The stock symbol for Midnight Sun Mining on the OTC market is MDNGF.

When were the original share purchase warrants issued by Midnight Sun Mining?

The original share purchase warrants were issued by Midnight Sun Mining on July 2, 2021.