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MONTREAL - Midland Exploration Inc. (TSX-V:MD) has closed private placements raising aggregate gross proceeds of $6.1 million, the company announced Monday. The mining exploration company, currently valued at approximately $1.1 billion, maintains a strong financial health score of "GOOD" according to InvestingPro analysis.
The financing included $5.1 million from the sale of 10,650,000 flow-through shares at $0.475 per share and a concurrent non-brokered private placement of 3,181,819 common shares at $0.33 per share for an additional $1.1 million.
Centerra Gold Inc. (TSX:CG) (NYSE:CGAU) joined as a new strategic investor, now holding approximately 9.9% of Midland’s issued and outstanding common shares. The companies entered an Investor Rights Agreement granting Centerra certain rights, including participation in future share issuances to maintain its ownership percentage.
Additional investors in the non-brokered placement included CDPQ Sodémex Inc., SIDEX LP, and NQ Investissement Minier LP, with CDPQ Sodémex exercising its contractual right to participate.
Proceeds from the offering will fund Canadian exploration expenses that qualify as flow-through mining expenditures, which will be incurred by December 31, 2026, and renounced to subscribers with an effective date no later than December 31, 2025.
The company expects the funds will support exploration on its wholly owned gold projects in Abitibi, James Bay, and northern Quebec over the next 18 months, with anticipated refundable tax credits of 22.5% on eligible exploration expenditures.
Following the transactions, Midland has 107,450,577 common shares outstanding. The offering remains subject to final approval from the TSX Venture Exchange, with all securities subject to a four-month plus one day hold period, according to the company’s press release statement. The company has demonstrated strong momentum, delivering a remarkable 52.5% return over the past year. Discover more insights and detailed analysis about Midland’s potential through InvestingPro’s comprehensive research reports, which provide in-depth coverage of over 1,400 US equities.
In other recent news, Pediatrix Medical Group Inc. reported its financial results for the first quarter of 2025, surpassing earnings expectations. The company achieved an earnings per share (EPS) of $0.33, which exceeded the forecasted $0.24. Additionally, Pediatrix Medical Group’s revenue reached $458.36 million, slightly above the anticipated $451.44 million. These results indicate a positive performance for the company, aligning with investor optimism. In another development, Pediatrix Medical Group has appointed Dr. Kurt D. Newman to its board of directors, effective July 1. Dr. Newman, the former President and CEO of Children’s National Hospital, joins as an independent director. His extensive experience in pediatric healthcare is expected to be a valuable asset to the board. These recent developments highlight key changes and achievements for Pediatrix Medical Group.
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