Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) closed the second tranche of its private placement to fund activities at its flagship Banio potash project in Gabon.
The company has now raised a total of almost $2 million with the closing of the second tranche, which raised $512,500.
Under the terms of the second tranche, Millennial Potash issued a total of 2,050,000 units priced at $0.25 per unit, with each unit comprising one share and one-half share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at an exercise price of $0.35 per share, valid for a period of two years from the date of issuance.
The private placement as a whole, including both tranches, has resulted in the issuance of 7,974,000 Units at a price of $0.25 each.
Notably, certain insiders of MLP participated significantly in this private placement, collectively acquiring 882,000 units.
Banio boasts substantial mineral resource estimates, including indicated reserves of 656 million tonnes and inferred resources totaling 1.15 billion tonnes. The potash deposits exhibit a thickness of 70 meters, highlighting the project's potential significance in the global potash market.