Millennial Announces Bought Deal Public Offering to Raise Gross Proceeds of C$21 Million
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Feb. 20, 2018 /CNW/ – Millennial Lithium Corp. (“Millennial” or the “Company”) (TSXV:ML) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Cantor Fitzgerald Canada Corporation as joint bookrunners, and including Cormark Securities Inc. and Sprott Capital Partners (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis pursuant to a short form prospectus, 6,000,000 units (the “Units”) of the Company at a price of C$3.50 per Unit (the “Offering Price”) for gross proceeds of C$21,000,000 (the “Underwritten Offering”). Each Unit shall consist 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 shall be exercisable for one common share of the Company for a period of 24 months from the Closing Date (as herein defined) at an exercise price of C$4.25.
In addition, the Company has granted the Underwriters an option (the “Over-Allotment Option” and together with the Underwritten Offering, the “Offering”) to purchase additional Units at the Offering Price to raise additional gross proceeds of up to 15% of the Underwritten Offering, for a period of 30 days after and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes.
The net proceeds from the Offering are expected to be used by the Company for exploration and development activities at the Company’s Lithium Properties in Argentina and for general working capital purposes.
Closing of the Offering is expected to take place on or about March 13, 2018 and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX-V.
The Units to be issued under the Offering will be offered by way of a short form prospectus in each of the provinces of Canada, except Québec. The Units to be issued under the Offering may also be offered in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, and certain other jurisdictions in accordance with applicable securities laws.
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.
MILLENNIAL LITHIUM CORP.
Chairman on behalf of the Board of Directors
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.
SOURCE Millennial Lithium Corp.
For further information: about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email email@example.com.
photo credit: Millennial Lithium Corp.