- Millennial Potash Corp. (MLP) has closed a private placement for gross proceeds of $3,591,500
- The company issued a total of 7,183,000 units under the oversubscribed offering
- Proceeds will be used to fund exploration and development activities on the company’s Banio Potash Project in Gabon
- Millennial Potash is a gold exploration company
- Millennial Potash Corp. (MLP) opened trading at C$0.48.
Millennial Potash Corp. (MLP) has closed its previously-announced private placement for gross proceeds of $3,591,500.
Under the oversubscribed offering, the company issued a total of 7,183,000 units. Each unit consisted of one common share and one-half of one share purchase warrant. Each whole share purchase warrant is exercisable for two years.
The warrants are subject to an acceleration clause.
Farhad Abasov, Millennial’s Chair, commented on the successful capital raise.
“We are very excited to have closed out this round of financing. The overwhelming demand is another testament to the strong potential of our previously explored potash project in Gabon. The funds will allow us to expedite the execution of our ambitious exploration program. We thank our current and new shareholders for their solid support for the Millennial team as we are mobilizing to launch the first drilling phase shortly.”
All securities issued are subject to a four-month hold period expiring on June 29, 2023.
Proceeds will be used to fund work at the company’s Banio Potash Project in Gabon and for general working capital purposes.
Millennial Potash is a gold exploration company focused on the Mohave Gold Project.
Millennial Potash Corp. (MLP) opened trading at C$0.48.