Millennial Potash Corp Stock Price, News & Analysis

Millennial Potash Corp (TSXV: MLP) (OTCQB: MLPNF) has announced a private placement of 5,833,333 units at $0.60 per unit, aiming to raise $3,500,000. Each unit consists of one common share and half of one share purchase warrant, with warrants exercisable at $0.85 per share for two years from issuance.

The placement includes participation from an insider for 2,333,334 units, qualifying as a related party transaction but exempt from formal valuation and minority shareholder approval requirements under MI 61-101. A 7% cash commission is payable on a portion of the placement.

The funds will be allocated towards the exploration and development of the Banio Potash Project and general working capital purposes. The private placement remains subject to TSX Venture Exchange approval.

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) has engaged Terea Environmental to conduct preliminary environmental baseline studies at its Banio Potash Project in Gabon. The studies, which include soil and water sampling throughout the exploration license area, will provide baseline information for an Environmental Social Impact Assessment (ESIA) required for a mining license application.

Water sampling is being conducted in the lagoon area, including locations upstream and downstream of the company's camp and main exploration areas. Soil sampling focuses on previous exploration sites, access roads, and various areas within the license. Terea will complete preliminary testwork in Q1 2025 with laboratory results expected in early Q2 2025.

The company plans to continue sampling throughout 2025 and install a weather station. Millennial Potash is also granting 1,850,000 incentive stock options exercisable for five years at $0.51 per share. The company emphasizes that environmental protection is a primary focus, aligning with Gabonese government priorities.

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.

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) has closed the first tranche of its private placement, raising $1,693,200 through the issuance of 5,644,000 units at $0.30 each. Each unit includes one common share and a half-warrant, with 2,822,000 warrants exercisable at $0.40 per share for two years.

The Quaternary Group acquired 3,000,000 units in this tranche, increasing their holdings to 15,135,500 shares and 3,500,000 warrants, representing 19.7% ownership on a non-diluted basis. A second tranche pending shareholder approval would issue an additional 7,000,000 units to the Quaternary Group.

The proceeds will fund exploration and development of the Banio Potash Project and working capital. Securities are subject to a four-month hold period until April 4, 2025.

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.

Millennial Potash Corp (TSXV: MLP) (OTCQB: MLPNF) announces a private placement of 11,250,000 units at $0.30 per unit, aiming to raise $3,375,000. Each unit includes one common share and half a warrant exercisable at $0.40 per share for two years. The Quaternary Group , an insider from Singapore, is participating with 10,000,000 units. Due to this creating a control position exceeding 20% ownership, shareholder approval will be sought at the AGM on February 7, 2025. The proceeds will fund the Banio Potash Project exploration and working capital. A 7% commission may apply to non-insider subscriptions.

Millennial Potash Corp reports progress on infrastructure development at its Banio Potash Project in Gabon. The Mengali Port construction, managed by Covec Gabon, will be developed in phases, starting with a 130m quay for smaller vessels and expanding to over 300m to accommodate ocean-going vessels. Additionally, a thermal power plant with initial 8.5MW capacity (expandable to 50MW) is being constructed south of Mayumba, expected to be operational by mid-2025. The power plant project, valued at approximately $125M USD, is a public-private partnership between the Gabonese government, Perenco Oil & Gas Gabon, and Gabon Power Company.

Millennial Potash Corp (TSXV: MLP, OTCQB: MLPNF) announced its participation in the 121 Mining Investment Conference in London, scheduled for November 14-15, 2024. The event will feature over 150 mining companies and 500+ investors, with pre-arranged 1-2-1 meetings. Chairman Farhad Abasov and CEO Jason Wilkinson will present on the company's recent and planned activities. The conference will also offer expert commentary and market intelligence on industry developments. Interested investors can register for a free pass.