Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced an increase to its previously disclosed private placement financing, boosting proceeds to $3.79 million from $3.38 million.
The company will now issue 12.64 million units, up from the initially planned 11.25 million units, at a price of $0.30 per unit. Each unit comprises one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.40 per share for a two-year term.
Millennial plans to allocate the proceeds towards advancing its Banio potash project, as well as for general working capital.
Separately, the company disclosed that it engaged Independent Trading Group (ITG) Inc. in September 2024 to provide market-making services. ITG, a member of the Canadian Investment Regulatory Organization, is tasked with maintaining a fair and reasonable market for Millennial Potash shares on the TSX Venture Exchange.
Millennial Potash continues to focus on the exploration and development of its flagship Banio Potash Project as part of its broader growth strategy.