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Midway Gold arranges $70M in strategic financing

Midway Gold is pleased to announce that it has arranged a US$70M private placement financing of five year 8% convertible Series A Preferred shares at a price of US$1.85 per share. Kenneth A. Brunk, Midway's Chairman, President and CEO said, "Midway is pleased to welcome lead investor Hale Capital Partners, L.P. as a key strategic financial partner in the pursuit of the Company's goal of becoming a Nevada gold producer in the near term. This is a very important step forward for Midway as we have dramatically reduced financing risk in uncertain times, and have done so without incurring hedging on our future gold production or committing to any security over our assets, all while seeking to minimize equity dilution to our shareholders."