Millennial Increases Private Placement

Rhea-AI Summary

Millennial Potash Corp (TSXV: MLP) (OTCQB: MLPNF) has increased its private placement from 11,250,000 to 12,643,333 units at $0.30 per unit, raising total proceeds of $3,793,000 (up from $3,375,000). Each unit includes one common share and half a warrant exercisable at $0.40 per share for two years. The funds will support exploration of the Banio Potash Project and working capital. Additionally, the company retained Independent Trading Group for market-making services in September 2024 for a monthly fee of $5,000 on a trial basis.

Positive

• Increased private placement proceeds from $3.375M to $3.793M
• Secured market-making services to maintain fair market trading

Negative

• Share dilution through increased private placement offering
• Additional monthly expense of $5,000 for market-making services

West Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce that it's increasing the private placement (the "Private Placement"), initially announced on November 22, 2024. The Private Placement will now consist of 12,643,333 units (the "Units") (increased from 11,250,000) at a price of $0.30 per Unit for proceeds of $3,793,000 (increased from $3,375,000). Each Unit is comprised of one common share and one-half of one share purchase warrant exercisable at a price of $0.40 per share for a period of two years from the date of issuance.

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.

Additional details of the Private Placement including required MI 61-101 disclosure, as well as discussion of insider (related party) participation, shareholder approval and closing, can be found in the Company's news release of November 22, 2024.

The Private Placement is conditional upon the approval of the TSX Venture Exchange.

Market Making Services Agreement

The Company wishes to announce that, in September of 2024, it retained Independent Trading Group (ITG) Inc. ("ITG") to provide market-making services (the "Services") permitted by, and in accordance with, the TSX Venture Exchange Policies. ITG is a Dealer Member in good standing of the Canadian Investment Regulatory Organization located in Toronto, Ontario.

ITG was retained to trade the shares of the Company on the Exchange, in compliance with the Exchange's policies, to maintain a reasonable and fair market in the Company's shares. In consideration of these Services, the Company was to pay to ITG a monthly fee of $5,000 on a trial basis for one month with the right to terminate the agreement on thirty (30) days' notice.

The Company and ITG are not related parties and and are unaffiliated entities. The Company's agreement with ITG does not provide for ITG to receive shares, options or other securities as compensation for providing services. The capital for providing the Services is provided by ITG and not by the Company.

The Company is in the course of filing with the Exchange those documents required under Policy 3.4 for a market making services agreement.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email info@millennialpotash.com.

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube.

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/231550

FAQ

What is the new size of Millennial Potash's (MLPNF) private placement announced on November 27, 2024?

The private placement was increased to 12,643,333 units at $0.30 per unit, totaling $3,793,000 in proceeds.

What are the terms of MLPNF's warrant offering in the November 2024 private placement?

Each unit includes one-half of one share purchase warrant, exercisable at $0.40 per share for a two-year period from issuance.

How much is Millennial Potash (MLPNF) paying for market-making services?

Millennial Potash is paying Independent Trading Group (ITG) a monthly fee of $5,000 for market-making services on a trial basis.