Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced that it has closed the second tranche of its private placement, issuing 7 million units at $0.30 each for total proceeds of $2.1 million.
The funds raised from the private placement will support exploration and development at Millennial’s Banio potash project and general corporate needs.
Each unit includes one common share and a half warrant, with each whole warrant exercisable at $0.40 per share for two years.
The first tranche raised approximately $1.7 million through the sale of 5,644,000 units. Approximately $47,000 in commissions was paid on the first tranche.