Midway Gold Corp. (MDW, MDW.V) announced that it has closed its previously announced US$70 million private placement financing of five year 8% convertible Series A Preferred shares at a price of US$1.85 per share.
Kenneth A. Brunk, Midway's Chairman, President and CEO commented, "Midway is pleased to have reached this significant funding milestone, which allows the Company to focus on finalizing our construction plans for the Pan project and to continue development of the Gold Rock project."
The company said the primary use of proceeds from the private placement will be to advance the Pan heap leach gold project towards production, including the ordering of long-lead time capital equipment, as well as engineering studies to advance the Gold Rock project.
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