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Midway Energy Ltd
Symbol C : MEL
Shares Issued 79,759,623
Close 2012-02-14 C$ 3.65
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Midway Energy closes $21-million bought deal

2012-02-15 11:49 ET - News Release

Mr. Scott Ratushny reports

MIDWAY ANNOUNCES CLOSING OF BOUGHT-DEAL EQUITY FINANCING

Midway Energy Ltd. has completed its previously announced bought-deal private placement of six million units of Midway at a price of $3.50 per unit for gross proceeds of $21-million to a syndicate of underwriters led by GMP Securities LP, and including BMO Capital Markets, Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd. and Stifel Nicolaus Canada Inc.

Each unit consists of one common share of Midway and one-half of one common share purchase warrant. Each full warrant will enable the holder thereof to purchase one common share at an exercise price of $4 per share for a period of 12 months following the closing date of the offering.

The company intends to use the proceeds of the offering to finance a portion of the purchase price of the acquisition by Midway of certain oil and gas properties in the Garrington area, as described in Midway's press release of Feb. 3, 2012, to reduce outstanding bank indebtedness, and/or for general corporate purposes.

The common shares and warrants comprising the units, including any common shares issued on exercise of the warrants prior to four months and one day from the date hereof, will be subject to a statutory four-month hold period.

We seek Safe Harbor.

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