Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced it has closed a private placement of 4 million units at $0.25 per unit for proceeds of $1 million.
The funds will be used for exploration and development activities at the company's Banio Potash project in Gabon and for general working capital purposes.
Each unit consisted of a share and one-half of a share purchase warrant. The 2 million whole share purchase warrants are exercisable for $0.35 each for two years from the issue date.
No finder’s fees or commissions were paid on the private placement.