Millennial Potash Corp. (TSXV: MLP | OTCQB: MLPNF |FSE: X0D) is engaging in a non-brokered private placement of 1,600,000 units, at a price of C$0.40 per unit, for proceeds of C$640,000. Each unit is comprised of one common share and one-half of one share purchase warrant exercisable at a price of C$0.60 per share for a period of two years from the date of issuance. A commission of 7% cash and 7% finders warrants will be payable on the private placement.
Proceeds of the private placement will be used to fund the company’s further exploration and development of its Banio Potash Project, as well as for general working capital purposes.
The Banio Project covers 1,238km2 and is located in the south-west corner of Gabon, approximately 450km south of Libreville along the Atlantic coast. Banio is located on the seaward side of a long lagoon which extends from Mayumba in the north to the border of Republic of Congo.
Additionally, the Republic of Congo hosts significant potash deposits and historical mines. The Banio project is located 70km north of the world class Sintoukoula potash deposits, and is located within the same sedimentary horizons, and within the same extensive Congo Potash Basin.
The private placement is subject to the approval of the TSX Venture Exchange.
To find out more, please visit www.millennialpotash.com
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