Millennial Increases Private Placement
Rhea-AI Summary
Millennial Potash Corp (TSXV: MLP) (OTCQB: MLPNF) has announced an increase in its private placement offering from the initially announced $3.5 million to $4.929 million. The expanded placement will now consist of 8,215,333 units (up from 5,833,333) at $0.60 per unit.
Each unit comprises one common share and one-half share purchase warrant, with warrants exercisable at $0.85 per share for a two-year period from issuance. The proceeds will fund exploration and development of the Banio Potash Project and general working capital purposes. A 7% cash commission is payable on a portion of the placement.
The private placement remains subject to TSX Venture Exchange approval.
Positive
- 41% increase in private placement size from $3.5M to $4.929M
- Additional capital strengthens company's exploration capabilities
- Two-year warrant provision at $0.85 offers potential upside for investors
Negative
- Dilutive effect on existing shareholders
- 7% cash commission reduces net proceeds available to company
West Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - 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 March 18, 2025. The Private Placement will now consist of 8,215,333 units (the "Units") (increased from 5,833,333) at a price of
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, can be found in the Company's news release of March 18, 2025.
A commission of 7 per cent cash is payable on a portion of the private placement.
The Private Placement is conditional upon the approval of the TSX Venture Exchange.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email 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/246039
FAQ
What is the new size of Millennial Potash's (MLPNF) private placement announced on March 25, 2025?
What are the terms of MLPNF's warrant offering in the March 2025 private placement?
How will Millennial Potash (MLPNF) use the proceeds from the increased private placement?
What is the commission structure for MLPNF's March 2025 private placement?
