Mid-North completes financing; signs exploration deal

A recent share issue raised $340,000 for Mid-North Resources of Calgary. The company sold 500,000 common shares at 68 cents per share, with the accompanying 250,000 warrants being exercisable at 75 cents per share within six months of the completion of the financing.

In other news, Mid-North has signed a 5-year, $5-million exploration agreement with Somicom Management covering Mid-North’s former gold-producing Cryderman and central Manitoba mines’ properties. Somicom may earn a 25% interest in the properties by spending a minimum $500,000 this year and an additional $2 million within three years, and may earn a 50% interest by spending $5 million within five years.