On May 23, 2024, Midnight Sun Mining Corp., closed the transaction. The company issued 45,454,544 units of the company at a price of CAD 0.22 per unit for the gross proceeds of CAD 9,999,999.68. Each unit consists of one common share of the company and one common share purchase warrant.

Each warrant will entitle the holder to purchase one common share for a period of 36 months following the closing date of the offering at an exercise price of CAD 0.33 per share. As a part of the transaction, the company paid CAD 426,788 as finder fee and 1,962,530 finder's warrants will be issued in connection with the private placement. 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 Sept.

23, 2024. The completion of this private placement remains subject to final acceptance by the TSX Venture Exchange.