Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced it closed the first tranche of its private placement with the proceeds of about $1.4 million to be used to fund exploration and development activities on its Banio Potash Project and for general working capital purposes.
The company said it issued 5,924,000 units at $0.25 for proceeds of $1,481,000. Each unit consisted of a common share and one-half of a share purchase warrant, with each whole warrant exercisable for two years from the issue date at $0.35 per share.