Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced plans to raise about C$3.5 million through a private placement to advance exploration and development at its Banio potash project in Gabon.
The company will issue 5.83 million units at C$0.60 per unit, with each unit consisting of one common share and one-half of a share purchase warrant, it said in a statement.
Each whole warrant will be exercisable at C$0.85 per share for two years.
A commission of 7% in cash is payable on a portion of the placement, the company said.
Funds from the offering will also be used for general working capital.