On January 6, 2023, Midnight Sun Mining Corp. closed the transaction. The company has issued 4,660,000 units at a price of CAD 0.20 per unit for gross proceeds of CAD 932,000 in its second and last tranche.

The transaction included participation from 31 placees. All securities issued pursuant to this private placement, including the common shares underlying the warrants, are subject to a statutory hold period which expires on May 7, 2023. The completion of this private placement remains subject to final acceptance by the TSX Venture Exchange.

The company paid finders fee of CAD 58,560, and 292,800 finders' warrants will be issued in connection with the private placement. Each finder's warrant entitles the finder to purchase one common share of the company for a period of 24 months from closing, at an exercise price of CAD 0.30. The TSX Venture Exchange has accepted for filing documentation with respect to the transaction.