Millennial Announces Closing of Second Tranche of Private Placement for Total Proceeds of $3,793,200
Millennial Potash Corp. (MLPNF) has completed the second tranche of its private placement, raising total proceeds of $3,793,200. The second tranche consisted of 7,000,000 units at $0.30 per unit for $2,100,000, following the first tranche of 5,644,000 units that raised $1,693,200.
Each unit comprises one common share and one-half share purchase warrant, with warrants exercisable at CDN$0.40 per share for two years. The Quaternary Group now holds approximately 26.35% of outstanding shares (non-diluted) and 30.49% on a partially diluted basis. Proceeds will fund exploration and development of the Banio Potash Project and working capital.
Millennial Potash Corp. (MLPNF) ha completato la seconda tranche del suo collocamento privato, raccogliendo un totale di $3.793.200. La seconda tranche consisteva in 7.000.000 di unità a $0,30 per unità per un totale di $2.100.000, dopo la prima tranche di 5.644.000 unità che ha raccolto $1.693.200.
Ogni unità comprende una azione ordinaria e un mezzo warrant di acquisto azioni, con warrants esercitabili a CDN$0,40 per azione per due anni. Il Quaternary Group detiene ora circa 26,35% delle azioni in circolazione (non diluite) e 30,49% su base parzialmente diluita. I proventi finanzieranno l'esplorazione e lo sviluppo del Banio Potash Project e il capitale di lavoro.
Millennial Potash Corp. (MLPNF) ha completado la segunda fase de su colocación privada, recaudando un total de $3.793.200. La segunda fase consistió en 7.000.000 de unidades a $0,30 por unidad, lo que suma $2.100.000, después de la primera fase de 5.644.000 unidades que recaudó $1.693.200.
Cada unidad comprende una acción ordinaria y un medio warrant de compra de acciones, con warrants ejercitables a CDN$0,40 por acción durante dos años. El Quaternary Group ahora posee aproximadamente 26,35% de las acciones en circulación (no diluidas) y 30,49% sobre una base parcialmente diluida. Los ingresos financiarán la exploración y el desarrollo del Banio Potash Project y el capital de trabajo.
Millennial Potash Corp. (MLPNF)는 두 번째 비공식 공모를 완료하였으며, 총 $3,793,200를 모금하였습니다. 두 번째 공모는 단위당 $0.30에 7,000,000개의 유닛으로 구성되어 있으며, 총 $2,100,000에 해당합니다. 이는 5,644,000개의 유닛으로 $1,693,200를 모금한 첫 번째 공모에 이어진 것입니다.
각 유닛은 하나의 보통주와 절반의 주식 구매 보증서로 구성되어 있으며, 보증서는 2년 동안 주당 CDN$0.40에 행사할 수 있습니다. Quaternary Group은 현재 약 26.35%의 유통 주식을 확보하고 있으며(희석되지 않음), 부분적으로 희석된 기준으로 30.49%를 보유하고 있습니다. 수익은 Banio Potash Project의 탐사 및 개발과 운영 자금을 지원하는 데 사용될 것입니다.
Millennial Potash Corp. (MLPNF) a achevé la deuxième tranche de son placement privé, levant un total de $3.793.200. La deuxième tranche était composée de 7.000.000 d'unités à 0,30 $ par unité, soit un montant de 2.100.000 $, après la première tranche de 5.644.000 unités qui a levé 1.693.200 $.
Chaque unité comprend une action ordinaire et un demi-bon de souscription d'actions, les bons pouvant être exercés à 0,40 $ CDN par action pendant deux ans. Le Quaternary Group détient désormais environ 26,35% des actions en circulation (non diluées) et 30,49% sur une base partiellement diluée. Les fonds seront utilisés pour financer l'exploration et le développement du projet de potasse de Banio ainsi que pour le fonds de roulement.
Millennial Potash Corp. (MLPNF) hat die zweite Tranche ihrer Privatplatzierung abgeschlossen und insgesamt $3.793.200 gesammelt. Die zweite Tranche bestand aus 7.000.000 Einheiten zu je $0,30, was insgesamt $2.100.000 ausmacht, nach der ersten Tranche von 5.644.000 Einheiten, die $1.693.200 eingebracht hat.
Jede Einheit besteht aus einer Stammaktie und einem halben Aktienoptionsschein, wobei die Optionen innerhalb von zwei Jahren zu CDN$0,40 pro Aktie ausgeübt werden können. Die Quaternary Group hält nun etwa 26,35% der ausgegebenen Aktien (nicht verwässert) und 30,49% auf basis partiellem Verwässerung. Die Einnahmen werden die Exploration und Entwicklung des Banio Potash Project sowie das Betriebskapital finanzieren.
- Successfully raised $3.79M through private placement
- Secured significant strategic investment from The Quaternary Group
- Strengthened cash position for Banio Potash Project development
- Share dilution from issuance of 12.64M new units
- Significant control concentration with Quaternary Group holding over 26% ownership
West Vancouver, British Columbia--(Newsfile Corp. - February 10, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce that it has closed the second tranche (the "Second Tranche") of its private placement (the "Private Placement") of units (the "Units") comprised of one common share of the Company (the "Shares") and one-half share purchase warrant (each warrant being a "Warrant" or the "Warrants"). Each of the Warrants issued are exercisable for a period of two years from the date of issuance at a price of CDN
The closing of the Second Tranche was conditional upon receipt of shareholder approval to the Acquiror (as defined below) becoming a control person of the Company. This shareholder approval was received on February 7, 2025.
The Second Tranche consisted of 7,000,000 units (the "Second Tranche Units") at a price of
Commissions on the Private Placement totalling CDN
The Shares in the Second Tranche Units, and any Shares issued by way of exercise of Warrants, are subject to a four month hold period expiring on June 8, 2025.
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.
Early Warning
As part of the First Tranche of the Private Placement closing, The Quaternary Group Ltd. (the "Acquiror") was issued 3,000,000 Units being 3,000,000 Shares and 1,500,000 Warrants. Upon closing of the second tranche of the Private Placement (the "Second Tranche"), the Acquiror was issued an additional 7,000,000 Units.
The Acquiror now holds a total of 22,135,500 Shares and 7,000,000 warrants (of which 5,000,000 Warrants were acquired in the Private Placement) representing approximately
The Common Shares are held by the Acquiror for investment purposes. The Acquiror currently has no plans or intentions that relate to or would result in any of the items listed in items 5(a) to 5(k) of the Early Warning Report. However, depending on market conditions, general economic and industry conditions, trading prices of the Company's securities, the Company's business, financial condition and prospects and/or other relevant factors, the Acquiror may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Shares or other securities of the Company.
A copy of the Early Warning Report to be filed by the Acquiror will be available on SEDAR+ under the Company's profile on www.sedarplus.ca.
Additional details of the Private Placement including required MI 61-101 disclosure can be found in the Company's news releases of November 22, 2024, November 27, 2024 and December 4, 2024.
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/240205
FAQ
How much did Millennial Potash (MLPNF) raise in its latest private placement?
What is the exercise price and term of MLPNF's new warrants?
What percentage of Millennial Potash (MLPNF) does The Quaternary Group now own?
How will MLPNF use the proceeds from the private placement?
When does the hold period expire for MLPNF's second tranche shares?
