Millennial Lithium Announces Filing of Preliminary Short Form Prospectus for Financing of up to $5.0 million
August 29, 2017
Millennial Lithium Corp. ("Millennial" or the "Company") (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB), is pleased to announce that it has entered into an engagement letter with Canaccord Genuity Corp. (the "Agent"), pursuant to which the Agent has agreed to act as an agent of the Company on a commercially reasonable efforts basis in connection with the offering of units of the Company (the "Units") at a price of $1.25 per Unit (the "Offering Price") for up to $5,000,000 (the "Offering").
Each Unit will consist of one common share (each, a "Common Share") of the Company and one-half of one Common Share purchase warrant (each, a "Warrant"). Each whole Warrant shall be exercisable into one Common Share (each a "Warrant Share") for a period of 24 months from closing of the Offering (the "Closing") at an exercise price of $1.50.
The Company has agreed to grant the Agent an over-allotment option (the “Over-allotment Option”) exercisable in whole or in part for a period of 30 days from the Closing to acquire up to an additional 600,000 Units (the “Additional Units”) at the Offering Price and/or up to an additional 300,000 additional warrants at a price of $0.07 per warrant. The Over-allotment Option is solely for the purpose of covering any over-allocation position, if any and for market stabilization purposes.
The Company has filed and obtained a receipt for a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of British Columbia, Alberta, and additional provinces of Canada other than Quebec for the Offering.
The Offering is expected to close on or about September 26, 2017 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
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 email@example.com.
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 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. Forward-looking statements contained in this news release include statements regarding the closing of the Offering, the timing of the closing of the Offering, the use of proceeds from the Offering, the receipt of requisite regulatory approvals and the exercise of the Over-Allotment Option. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company, at the time they were made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and factors include, among others, volatility in the trading price of the Company’s common shares, risks relating to the ability of the Company to obtain the requisite regulatory approvals relating to the Offering, volatility of future commodity prices, accuracy of mineral or resource estimates, results of exploration activities, 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 and changes in exploration costs and government royalties or taxes in Argentina. 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.