TORONTO, ONTARIO--(Marketwire - Jan. 8, 2009) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce the Company has entered into a non-brokered credit facility representing a principal amount of up to CDN $500,000 between Midlands and the Company's Insiders (collectively the "Lenders"), whereby funds will be made available to the Company on an "as needed basis". The principal amount of the credit facility will bear interest at 10.5% per annum and will mature two years from the closing date.
Additionally, the TSX Venture Exchange has conditionally accepted the issuance of 153,846 bonus shares based upon the market price at the time of issuance. The common shares will be issued to the Lenders as CDN $50,000 of the credit facility has been drawn down.
In accordance with the Exchange's Timely Disclosure Policies, the Company will disclose by news release, any loan or advance of funds to the Company, which involves any change on, or security interest in, its assets, or, which otherwise constitutes a Material Change. The transaction is subject to final approval by the TSX Venture Exchange. |
