Millennial Announces Closing of First Tranche of Private Placement for Proceeds of $1,693,200
Millennial Announces Closing of First Tranche
of Private Placement for Proceeds of
$1,693,200
West Vancouver, British Columbia--(Newsfile Corp. - December 4, 2024) -
Millennial Potash Corp.
(TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to
announce that it has closed the first tranche of its private placement (the "Private Placement").
The Private Placement was for a total of 5,644,000 units (the "Units") at a price of $0.30 for proceeds of
$1,693,200. Each Unit consisted of one common share of the Company (the "Shares") and one-half
share purchase warrant (each whole warrant being a "Warrant" or the "Warrants").
Each of the
2,822,000 Warrants issued are exercisable for a period of two years from the date of issuance at a price
of CDN$0.40 per Share.
Commissions on the Private Placement totalling CDN$46,998 will be paid in connection with closing the
Private Placement.
The Shares, and any Shares issued by way of exercise of Warrants, are subject to a four month hold
period expiring on April 4, 2025.
Proceeds of the Private Placement are to be used to fund exploration and development activities on the
Company's Banio Potash Project and for general working capital purposes.
Early Warning
As part of this first tranche closing of the Private Placement, The Quaternary Group Ltd. (the "Acquiror")
was issued 3,000,000 Units being 3,000,000 Shares and 1,500,000 Warrants.
Upon closing of the
second tranche of the Private Placement (the "Second Tranche"), the Acquiror will be issued an
additional 7,000,000 Units.
The closing of the Second Tranche is conditional upon receipt of shareholder
approval to the Acquiror becoming a greater than 20% shareholder of the Company.
Shareholder
approval is being sought at the Company's next AGM, or any adjournment of it, anticipated to be held on
February 7, 2025.
Unless and until shareholder approval is obtained, the Acquiror has agreed not to
exercise any of the Warrants such that its holdings of the Shares of the Company would exceed, at any
time, 20% or more of the issued and outstanding Shares.
Immediately prior to closing the first tranche of the Private Placement, the Acquiror owned and exercised
control or direction over 12,135,500 Shares, as well as 2,000,000 Warrants acquired through a previous
private placement.
This represented 17.1% of the issued and outstanding Shares on a non-diluted basis.
The Acquiror now holds a total of 15,135,500 Shares and 3,500,000 Warrants representing
approximately 19.7% of the outstanding Shares of the outstanding Shares on a non-diluted basis and
21.29% of the outstanding Shares on a partially diluted basis assuming exercise of the Warrants (but not
the previously issued 2,000,000 Warrants).
The Common Shares are held by the Acquiror for investment purposes. The Acquiror currently has no
plans or intentions that relate to or would result in any of the items listed in items 5(a) to 5(k) of the Early
Warning Report. However, depending on market conditions, general economic and industry conditions,
trading prices of the Company's securities, the Company's business, financial condition and prospects
and/or other relevant factors, the Acquiror may develop such plans or intentions in the future and, at such
time, may from time to time acquire additional securities, dispose of some or all of the existing or
additional securities or may continue to hold the Shares or other securities of the Company.
A copy of the Early Warning Report to be filed by the Acquiror will be available on SEDAR+ under the
Company's profile on
www.sedarplus.ca
.
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 releases of November 22, 2024 and November 27, 2024.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or
email at
.
Keep up-to-date on Millennial Potash developments and join our online communities on:
,
,
,
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/232471