Millennial Potash Corp. (TSXV: MLP) has closed a successful private placement first announced on February 6, 2023.
The Private Placement was oversubscribed for a total of 7,183,000 units. Each Unit consisted of one common share and one-half share purchase warrant. Each of the 3,591,500 whole share purchase warrants are exercisable for a period of two years from the date of issuance at a price of C$0.75 per share. The warrants are subject to an accelerated expiry in the event that the common shares of the Company trade on the TSX Venture Exchange at a price of C$1.00 or higher for 10 consecutive trading days.
Commissions on the Private Placement totalling C$99,960 were paid in connection with closing the Private Placement. The 7,183,000 Units and proceeds of C$3,951,500 represents an increase from the 4,000,000 Units and proceeds of C$2,000,000 originally announced.
“We are very excited to have closed out this round of financing. The overwhelming demand is another testament to the strong potential of our previously explored potash project in Gabon,” Chair, Farhad Abasov, said.
“The funds will allow us to expedite the execution of our ambitious exploration programme. We thank our current and new shareholders for their solid support for the Millennial team as we are mobilizing to launch the first drilling phase shortly.”
Proceeds of the Private Placement are to be used to fund exploration and development activities on the company’s Banio Potash Project and for general working capital purposes.
For further information please visit: https://millennialpotash.com/