Millennial Lithium Announces Closing of Short Form Prospectus Offering Resulting in Gross Proceeds of $11.5 Million
September 26, 2017
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Millennial Lithium Corp. ("Millennial" or the "Company") (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB), is pleased to announce that it has closed its previously announced short form prospectus offering, including the full exercise of the over-allotment option, raising gross proceeds of $11.5 million for the Company through the issuance of 9,200,000 units of the Company (the "Units") at a price of $1.25 per Unit (the "Offering").
Each Unit consists of one common share of the Company (a "Share") and one-half of one transferable common share purchase warrant (each, a "Warrant"). Each whole Warrant is exercisable into one Share (each, a “Warrant Share”) until September 26, 2019, at an exercise price of $1.50. The Units were sold pursuant to an agency agreement dated September 14, 2017 between the Company and the Agent (the "Agency Agreement").
Canaccord Genuity Corp. (the "Agent") acted as agent and sole bookrunner in connection with the Offering. In consideration for the services performed by the Agent under the Agency Agreement, the Company paid the Agent a cash commission of $606,155 which represents 7% of the gross proceeds raised under the Offering, other than proceeds received from purchasers on a president's list comprised of investors introduced by the Company to the Agent for which a reduced commission applied. The Company also issued to the Agent common share purchase warrants entitling the Agent to acquire 484,924 Shares at an exercise price of $1.25 per Share for a period of 24 months from the closing of the Offering. In addition, the Company paid the Agent a corporate finance fee of 50,000 Shares issued at a deemed price equal to $1.25 per Share.
The net proceeds of the Offering are expected to be used to fund ongoing development and exploration activities, and for general corporate purposes.
The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.
To find out more about Millennial Lithium Corp., please contact investor relations at (604) 662-8184 or email firstname.lastname@example.org.
MILLENNIAL LITHIUM CORP.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 an applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.