Midway Energy Ltd. has completed its previously announced bought deal private placement of 6,000,000 units of Midway at a price of $3.50 per Unit for gross proceeds of $21,000,000 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 $4.00 per share for a period of twelve months following the closing date of the Offering.

The Company intends to use the proceeds of the Offering to fund 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 February 3, 2012, to reduce outstanding bank indebtedness and/or for general corporate purposes.

Tags: Midway Energy Ltd.