Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) said on Tuesday it is increasing the size of its previously announced private placement to raise C$4.93 million, up from the initial C$3.5 million.
The financing will now consist of 8.22 million units priced at C$0.60 each, compared with the original plan of 5.83 million units.
Each unit includes one common share and one-half of a share purchase warrant, with each whole warrant exercisable at C$0.85 per share for two years.
Millennial Potash said proceeds from the offering will be used to advance exploration and development at its Banio Potash Project in Gabon, as well as for general working capital.