News

2021

Millennial Announces Closing of $ 34,500,000 Bought Deal Public Offering

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February 11, 2021

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia - (February 11, 2021) - Millennial Lithium Corp. (“Millennial” or the “Company”) (TSXV:ML) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) is pleased to announce that it has closed its previously announced bought deal financing of 8,625,000 units (the “Units”) at a price of C$4.00 per Unit (the “Offering Price”) for aggregate gross proceeds to Millennial of C$34,500,000 (the “Offering”). The Offering was conducted by a syndicate of underwriters co-led by Cantor Fitzgerald Canada Corporation and Sprott Capital Partners LP as joint bookrunners, and including Mackie Research Capital Corporation (collectively, the "Underwriters"). The Offering included 1,125,000 Units sold pursuant to the full exercise of the Underwriters’ over-allotment option.

Each Unit consists of one common share of the Company and one half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable at any time prior to February 11, 2024 for one common share of the Company at an exercise price of C$4.80.  It is expected the Warrants will begin trading on the TSX Venture Exchange (the “TSXV”) on February 11, 2021 under the symbol "Ml.WT".

In consideration for the services performed by the Underwriters pursuant to an underwriting agreement dated January 27, 2021, the Company paid the Underwriters a cash commission of 6% of the gross proceeds from the Offering and issued to the Underwriters a number of broker options (the “Broker Options”) equal to 6% of the Units sold under the Offering (the “Broker Options”).  Each Broker Option issued to the Underwriters is exercisable at any time prior to February 11, 2024 for one Unit at an exercise price of C$4.00.

Farhad Abasov, Millennial’s President and CEO, commented: “We are pleased to see increased institutional support after this financing round. The completion of the offering has strengthened our balance sheet, and with a solid cash position of about $50 million Millennial can accelerate some of its technical programs, including the ongoing pilot operations. The Company will also be in a strong position in continuing strategic partnerships and offtake negotiations with various parties.”

The net proceeds from the Offering will be used by the Company for development activities at the Company’s lithium properties in Argentina and for working capital and general corporate purposes, all as further set out in the Prospectus (as defined below).

The Units in the Offering were offered by way of a short form prospectus filed in each of the provinces of Canada, except Québec, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions (the “Prospectus”).

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”
President CEO and Director

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 and 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 the use of proceeds from the Offering and the listing of the Warrants on the TSXV, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties, export policies or taxes in Argentina and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Pastos Grandes Project may be impacted by economic uncertainties arising out of Covid-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Pastos Grandes Project.  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.

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