MLPMF - Millennial Precious Metals to raise C$15M in equity offering

Millennial Precious Metals (OTCPK:MLPMF) announced Wednesday a bought deal offering of C$15M with a syndicate of underwriters led by Eight Capital. That includes the issue of 37.5M units at price of $0.40 per unit. Each unit comprises of 1 common share and 0.5 of share purchase warrant, exercisable as a whole at an exercise price of $0.55 per share within 24-month expiry. To put this into perspective, C$15M equity offering compares to company's market capitalization of around $50M. Millennial said it intends to use the net proceeds "to advance exploration, permitting, and engineering studies at the Wildcat and Mountain View projects in support of the updated mineral resource, PEA, and exploration Plan of Operations at both projects, as well as for final asset acquisition payments and general corporate and working capital purposes." Closing of the offering is expected on June 16, 2022.

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Millennial Precious Metals to raise C$15M in equity offering