Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) said on Thursday it had closed a private placement worth C$9.19 million, with proceeds earmarked for exploration and development at its Banio Potash Project in Gabon.
The company issued 5.92 million units priced at C$1.55 each, with each unit consisting of one common share and one-half of a share purchase warrant. Each full warrant is exercisable at C$2.20 for a period of two years.
The financing, originally announced on July 21 and upsized on July 24, also involved payment of commissions of nearly C$478,000 on non-insider participation.
Shares and any shares issued through warrant exercise will be subject to a four-month hold period ending November 2025.
Millennial said the funds will support ongoing work at the Banio project and general working capital needs.