VANCOUVER, British Columbia, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Millennial Lithium Corp. ("Millennial" or the "Company") (TSX.V:ML) (Frankfurt:A3N2:GR) (OTCQB:MLNLF), is pleased to announce that it has amended the terms of its previously announced public offering of units (“Units”) of the Company (the “Offering”) to increase the size of the Offering from C$5,000,000 to C$10,00,000, or from 4,000,000 Units to 8,000,000 Units.
Under the revised terms of the Offering, Canaccord Genuity Corp. (the "Agent") has agreed to act as an agent of the Company on a commercially reasonable efforts basis in connection with the offering of up to 8,000,00 Units at a price of $1.25 per Unit (the "Offering Price") for up to $10,000,000.
Each Unit will consist of one common share (each, a "CommonShare") 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 1,200,000 Units (the “Additional Units”) at the Offering Price and/or up to an additional 600,000 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 intends to file a (final) short form prospectus to qualify the distribution of the 8,000,000 Units under the Offering with the securities regulatory authorities in each of the provinces of British Columbia, Alberta, and additional provinces of Canada other than Quebec.
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.
