Millennial Precious Metals (TSXV: MPM) is headed to the market to raise further funds. The firm this morning indicated it will be conducting a bought deal offering, to the tune of $15.0 million.
The financing will see the issuance of a total of 37.5 million units in an offering lead by Eight Capital. Under the terms of the financing, units are to be sold at a price of $0.40 per each, with each unit containing one common share and one half of a common share purchase warrant. Warrants are valid for a period of 24 months from the date of closing, and contain an exercise price of $0.55 per each.
A 15% over-allotment option has also been issued in connection with the financing.
Proceeds from the offering are to be used for exploration, permitting, and engineering studies that are to be conducted at the firms Wildcat and Mountain View projects, where the company is working towards updated resource estimates and PEA’s. Funds are also to be used for acquisition payments and general corporate and working capital purposes.
The offering is expected to close June 16.
Millennial Precious Metals last traded at $0.46 on the TSX Venture.
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