Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) said it closed the first tranche of its private placement to advance work on its Banio potash project in Gabon.
The firm raised C$1.69 million through the issuance of 5.64 million units at C$0.30 per unit in the first tranche.
Each unit comprises one common share and one-half of a share purchase warrant, with each whole warrant exercisable at C$0.40 per share for two years from issuance.
Millennial Potash plans to use the proceeds to fund exploration and development activities at its Banio Potash Project, as well as for general working capital purposes.
Strategically located on Africa's Atlantic coast, Banio boasts 1.7 billion tonnes of indicated and inferred resource of potash covering only 1% of the entire property. This potentially large deposit positions the company as a significant potential supplier to markets in Africa, Brazil, Europe, and Asia.