Millennial Potash Announces Private Placement For Proceeds Of Up To $2,000,000

Rhea-AI Summary

Millennial Potash Corp. (TSXV: MLP, OTCQB: MLPNF, FSE: X0D) has announced a private placement aiming to raise up to $2,000,000. The placement involves selling up to 8,000,000 units at a price of $0.25 per unit. Each unit includes one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $0.35 within 24 months. The shares issued, including those resulting from warrant exercises, will be under a four-month hold period. Commissions of 7% cash and warrants are payable on part of the private placement. The proceeds will fund exploration and development at the Banio Potash Project in Gabon and for general working capital, subject to TSX Venture Exchange approval.

Positive

• Millennial Potash aims to raise up to $2,000,000 through a private placement.
• The funds will be used to advance exploration and development at the Banio Potash Project in Gabon.
• Each unit includes one common share and one-half of a common share purchase warrant.
• The private placement is designed to enhance shareholder value.

Negative

• All shares issued will be under a four-month hold period, potentially limiting liquidity.
• Commissions of 7% cash and warrants add to costs.
• Success depends on TSX Venture Exchange approval.
• Potential shareholder dilution as up to 8,000,000 units will be issued.

West Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce a private placement (the "Private Placement") of up to $2,000,000 consisting of the sale of up to 8,000,000 units (the "Units") at a price of $0.25 per unit. Each Unit will consist of one common share and one-half (1/2) of one common share purchase warrant with each whole warrant (a "Warrant") entitling the holder to purchase one common share at an exercise price of $0.35 for a period of 24 months following closing of the Private Placement.

All of the common shares issued pursuant to the Private Placement, including any common shares that are issued pursuant to the exercise of Warrants, will be subject to a hold period of four months from the closing of the Private Placement.

Commissions of seven (7%) percent cash and warrants (the "Commission Warrants") equal in number to seven (7%) percent of the number of Units placed are payable on a portion of the Private Placement. Each Commission Warrant is exercisable for a period of three (3) years at an exercise price of $0.35 per common share.

The proceeds from the Private Placement, which is subject to TSX Venture Exchange approval, will be used to fund exploration and development activities at the Company's Banio Potash Project in Gabon 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@millennialpotashcorp.com.

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 at this time, 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/211373

FAQ

What is Millennial Potash Corp's latest private placement?

Millennial Potash Corp announced a private placement to raise up to $2,000,000 by selling up to 8,000,000 units at $0.25 per unit.

What does each unit in Millennial Potash's private placement include?

Each unit includes one common share and one-half of a common share purchase warrant.

What is the exercise price of the warrants in Millennial Potash's private placement?

The exercise price of the warrants is $0.35 per common share.

What will Millennial Potash use the proceeds from the private placement for?

The proceeds will fund exploration and development activities at the Banio Potash Project in Gabon and general working capital.

How long is the hold period for shares issued in Millennial Potash's private placement?

The hold period for shares issued is four months from the closing of the private placement.

What is the commission rate for Millennial Potash's private placement?

Commissions of 7% cash and warrants are payable on a portion of the private placement.

What approval is needed for Millennial Potash's private placement?

The private placement is subject to TSX Venture Exchange approval.