TSXV: MPM | OCTQB: MLPMF
TORONTO, June 16,
2022 /CNW/ - Millennial Precious Metals Corp.
(TSXV: MPM) (OTCQB: MLPMF) ("Millennial" or the
"Company") is pleased to announce that it has closed its
previously announced prospectus offering of 40,184,830 units of the
Company (the "Units") at a price of C$0.40 per Unit for aggregate gross proceeds of
approximately C$16.1 million, which
includes the partial exercise of the over-allotment option (the
"Offering").
Each Unit consists of one common share of the Company (each, a
"Common Share") and one-half of one common share purchase
warrant (each whole common share purchase warrant, a
"Warrant"). Each Warrant entitles the holder thereof to
purchase one Common Share at an exercise price of C$0.55 for a period of 24 months from the closing
of the Offering.
The Offering was conducted by Eight Capital, as lead
underwriter, together with Cormark Securities Inc., PI Financial
Corp., Stifel Nicolaus Canada Inc., and Sprott Capital Partners LP
(collectively, the "Underwriters"). The Company paid the
Underwriters (i) a cash fee of 6% of the aggregate gross proceeds
of the Offering, other than in respect of the purchasers on the
president's list, for which a cash fee of 3% was paid, and (ii)
that number of broker warrants equal to 6% of the number of Units
sold, other than in respect of purchasers on the president's list
for which no broker warrants were issued, with each broker warrant
exercisable into one Common Share at a price of C$0.40 for a period of 24 months from the closing
of the Offering.
The Company plans to use the net proceeds from the Offering to
advance exploration, permitting, and engineering studies at the
Wildcat and Mountain View projects in support of the updated
mineral resource, preliminary economic assessment, and exploration
Plan of Operations at both projects, as well as for an asset
acquisition payment and general corporate and working capital
purposes, all as further described in the Prospectus (as defined
below).
The Offering was completed pursuant to a short form prospectus
dated June 9, 2022 (the
"Prospectus") filed in all provinces of Canada except Quebec, and in the
United States on a private placement basis to qualified
institutional buyers pursuant to an exemption from registration
requirements in Rule 144A of the United States Securities Act of
1933, as amended (the "U.S. Securities Act"). The Offering
is subject to the final acceptance of the TSX Venture Exchange,
which has conditionally accepted the Offering. The Warrants issued
in connection with the Offering are expected to begin trading on or
about June 23, 2022.
The securities offered in the Offering have not been, and will
not be, registered under the U.S. Securities Act or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or for the account or
benefit of, United States persons
absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor will
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
ABOUT MILLENNIAL PRECIOUS METALS
CORP.
Millennial Precious Metals (TSXV: MPM) (OTCQB: MLPMF) is an
exploration and development company focused on unlocking quality
ounces through the responsible expansion of its eight gold and
silver projects located in Nevada
and Arizona, USA. The Company
plans to accelerate the development of its two flagship projects
located in Nevada: Wildcat and
Mountain View. The Wildcat Inferred Mineral Resource estimate
contains 776,000 ounces of oxide Au (60.8 million tonnes at 0.40
g/t Au; effective date of November 18,
2020) and the Mountain View Inferred Mineral Resource
estimate contains 427,000 ounces of oxide Au (23.2 million tonnes
at 0.57 g/t Au; effective date of November
15, 2020). Technical reports titled "NI 43-101 Technical
Report Resource Estimate for the Wildcat Project, Pershing County, Nevada, United States", dated November 20, 2020 with an effective date of
November 18, 2020 prepared by
William J. Lewis, B.Sc., P.Geo.,
Rodrigo Calles-Montijo, MSc., CPG,
and Leonardo de Souza, MAusIMM (CP)
and "NI 43-101 Technical Report for the Mountain View Project,
Washoe Country, Nevada, USA",
dated November 25, 2020 with an
effective date of November 15, 2020,
prepared by William J. Lewis, B.Sc.,
P.Geo., Rodrigo Calles-Montijo,
MSc., CPG, and Leonardo de Souza,
MAusIMM (CP) are available on Millennial's issuer profile on SEDAR
at www.sedar.com.
Millennial Precious Metals is led by an experienced management
team and board of directors with a proven track record of success
in financing and developing high-quality mining projects. The
Company is well positioned to create value for all stakeholders by
applying a systematic strategy to advance and de-risk all eight
projects over the next few years.
Corporate
Website: https://millennialpreciousmetals.com/
QUALIFIED PERSON
The information in this news release was reviewed and approved
by Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration for
Millennial Precious Metals Corp. Mr. Dutaut is a QP as defined by
NI 43-101.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this news release are forward-looking
statements, which reflect the expectations of management regarding
the business development objectives and plans of
Millennial.
Forward-looking information contained in this news release
are based on certain factors and assumptions. While Millennial
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect. Forward
looking information involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. Such factors include risks inherent in
the exploration and development of mineral deposits, including
risks relating to changes in project parameters as plans continue
to be redefined, risks relating to variations in grade or recovery
rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to
increased competition and current global financial conditions,
access and supply risks, reliance on key personnel, operational
risks, regulatory risks, including risks relating to the
acquisition of the necessary licenses and permits, risks related to
financing, including the failure of Millennial to use the proceeds
received from the Offering in a manner consistent with current
expectations, capitalization and liquidity risks, title and
environmental risks and risks relating to health pandemics and the
outbreak of communicable diseases, such as the current outbreak of
the novel coronavirus, COVID-19.
Further, these forward-looking statements reflect
management's current views and are based on certain expectations,
estimates and assumptions which may prove to be incorrect. A number
of risks and uncertainties could cause the Company's actual results
to differ materially from those expressed or implied by the
forward-looking statements, including: (1) a downturn in general
economic conditions in North
America and internationally, (2) the inherent uncertainties
and speculative nature associated with mineral exploration, (3) a
decreased demand for precious metals, (4) any number of events or
causes which may delay exploration and development of the property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems, (5) the risk that
the Company does not execute its business plan, (6) inability to
finance operations and growth, (7) inability to obtain all
necessary permitting, (8) the intended listing of the Common Shares
and Warrants on the TSX Venture Exchange, (9) obtaining required
approvals from the TSX Venture Exchange, (10) the anticipated use
of proceeds from the Offering, and (11) other factors beyond the
Company's control.
These forward-looking statements are made as of the date of
this news release and Millennial does not assume an obligation to
update these forward looking statements, or to update the reasons
why actual results differed from those projected in the
forward-looking statements, except in accordance with applicable
securities laws.
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 Precious Metals Corp.