Millennial Extends Warrant Term

Rhea-AI Summary

Millennial Potash Corp (TSXV: MLP) (OTCQB: MLPNF) has requested TSX Venture Exchange approval to extend the expiry date of 3,591,500 share purchase warrants by three years. These warrants, originally issued on February 28, 2023, with an expiry date of February 28, 2025, and exercisable at 75 cents per common share, will now expire on February 28, 2028, maintaining the same exercise price.

Of these warrants, 70,000 are held by related parties, constituting a related-party transaction under MI 61-101 and TSX-V Policy 5.9. However, the company is exempt from formal valuation and minority approval requirements as the fair market value of insider-held warrants is below 25% of the company's market capitalization.

West Vancouver, British Columbia--(Newsfile Corp. - February 12, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") has applied to the TSX Venture Exchange for approval of an amendment to certain share purchase warrants issued pursuant to a private placement by extending the expiry date for three additional years.

The warrants affected are 3,591,500 share purchase warrants issued on February 28, 2023, with an expiry date of February 28, 2025, and exercisable at 75 cents per common share. The new expiry date will be February 28, 2028, and the exercise price shall remain the same. The company will not be sending out new warrant certificates unless requested by the holder.
A total of 70,000 warrants are held by parties considered to be related parties of the company. Therefore, the warrant amendment constitutes a related-party transaction as contemplated by Multilateral Instrument 61-101 (Protection of Minority Shareholders in Special Transactions) and TSX-V Policy 5.9 (Protection of Minority Shareholders in Special Transactions). However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the warrants held by insiders does not exceed 25 per cent of the market capitalization of the company.

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/240528

FAQ

What is the new expiry date for MLPNF's share purchase warrants?

The share purchase warrants' expiry date has been extended to February 28, 2028, from the original date of February 28, 2025.

How many warrants are affected by MLPNF's warrant term extension?

3,591,500 share purchase warrants are affected by the term extension.

What is the exercise price of MLPNF's extended warrants?

The exercise price remains unchanged at 75 cents per common share.

How many MLPNF warrants are held by related parties?

70,000 warrants are held by parties considered to be related parties of the company.