Non-Brokered Private Placement over-subscribed

VANCOUVER, Feb. 23 /CNW/ - The Company (Midasco Capital Corp.) - (TSXV: MGC) wishes to announce that the previously announced (January 25, 2011) non-brokered private placement of 10,000,000 Units at the price of $0.10 per Unit has been over-subscribed and as such the Company has agreed to increase the placement to 11,000,000 Units.  Each Unit will consist of one common share and one half share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at an exercise price of $0.20 for a period of one year from the date of closing.  If after four months and one day the common shares of the Company close at a price in excess of $0.40 for 10 consecutive trading days, then the expiry date of the warrants will be accelerated to the date that is 30 days after notice of the new expiry date is provided to the holders of the warrants.

A finder's fee in connection with this offering may be paid for any Unit subscriptions referred to the company. The finder's fee will consist of 7% cash commission and a Finder's Option equal to 7% of the number of Units referred.  Each Finder's Option shall be exercisable into one Unit at a price of $0.10 per Unit and each Unit will be under the same terms as this offering for a period of one year from the date of closing. All securities issued pursuant to this non-brokered private placement will be subject to a four-month hold period from the date of closing. The non-brokered private placement will be subject to regulatory approval.

Net proceeds from this offering will be used to review its Uranium interests in the US, explore possible mineral acquisitions in Latin America and for general working capital.

We seek Safe Harbor.

"Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release"

* "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

SOURCE Midasco Capital Corp.

For further information:

Dustin Elford, President
Ph: (604) 669-2901

Profil de l'entreprise

Midasco Capital Corp.

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