Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) has announced a non-brokered private placement of approximately $6 million, issuing about 3.87 million units priced at $1.55 each.
The proceeds from the offering will support further exploration and development work at Millennial’s Banio potash project and will also be used for general working capital.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of $2.20 for a period of two years from the date of issuance.
The company said a 7% cash commission may be payable on a portion of the placement.