10:01 AM EDT, 10/03/2025 (MT Newswires) -- Midnight Sun Mining ( MDNGF ) Friday said it amended the terms of its previously announced "bought deal" LIFE offering and private placement financing to increase the size of the offering to around C$17.5 million from $10 million.

Under the terms of the upsized offering, Haywood Securities, as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters including Beacon Securities Limited, Red Cloud Securities, and SCP Resource Finance will buy around 12.96 million units of the company at $1.35 each.

Each unit will include one common share and one-half of one common share purchase warrant of the company. Each warrant will allow the holder to buy one common share in the capital of the company at $2.00 each for a period of 24 months from the closing date.

The company agreed to grant the underwriters an option to purchase up to an additional 15% of the upsized offering in units at the issue price for additional gross proceeds to the company of up to around $2.62 million.

The company will use the net proceeds from the sale of the units for advancing exploration across its Zambian exploration projects and for working capital and general corporate purposes.

The upsized offering is subject to final acceptance of the TSXV and is expected to close on or about Oct. 28, 2025, subject to certain closing conditions.

The company's shares were last seen down 9.7% to $1.345 on the TSX Venture Exchange.

Price: 1.38, Change: -0.11, Percent Change: -7.38