Millennial Announces Closing of Private Placement of 4,000,000 Units for Proceeds of $1,000,000
Rhea-AI Summary
Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) has successfully closed a private placement of 4,000,000 units at $0.25 per unit, raising $1,000,000 in proceeds. Each unit includes one common share and one-half share purchase warrant, with 2,000,000 whole warrants exercisable at $0.35 per share for two years. No finder's fees or commissions were paid. The securities are subject to a four-month hold period until December 22, 2024.
The funds will be used to support exploration and development activities at the company's Banio Potash Project and for general working capital. This private placement strengthens Millennial Potash's financial position as it advances its potash exploration efforts.
Positive
- Raised $1,000,000 through private placement
- No finder's fees or commissions paid, maximizing proceeds for company use
- Funds allocated for exploration and development of Banio Potash Project
Negative
- Potential dilution of existing shareholders due to issuance of new shares
- Warrants may lead to further dilution if exercised
West Vancouver, British Columbia--(Newsfile Corp. - August 22, 2024) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce that it has closed its private placement (the "Private Placement").
The Private Placement was for a total of 4,000,000 units (the "Units") at a price of
There will be no finder's fees or commissions paid on this private placement.
The securities comprising the Units, including any common shares issued on exercise of the share purchase warrants, are subject to a four month hold period expiring on December 22, 2024.
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.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotash.com
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MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220810
FAQ
How much did Millennial Potash Corp (MLPNF) raise in its recent private placement?
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