On January 23, 2023, Midland Exploration Inc. closed the transaction. The company received aggregate gross proceeds of CAD 3,627,280. The Private Placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

The company issued 356,000 common shares at an issue price of CAD 0.40 per common share for gross proceeds of CAD 142,400 in its third and final tranche closing. The transaction included participation from returning investor, BHP Billiton Canada Inc. for 356,000 shares. The securities issued in the third tranche of the private placement are subject to a four-month hold period expiring on May 24, 2023.