Millennium Silver to close oversubscribed financing

Executive Summary

• Millennium Silver Corp. has applied for conditional acceptance of an oversubscribed non-brokered private placement, raising total gross proceeds of $2,888,905.
• The placement consists of 192,593,667 units priced at 1.5 cents per unit, with each unit comprising one common share and one non-transferable share purchase warrant.
• Proceeds are designated for exploration activities (per the 2019 NI 43-101 technical report), accounts payable, and working capital.

Key Details

• Total Gross Proceeds: $2,888,905
• Units Issued: 192,593,667 units
• Price Per Unit: $0.015 (1.5 cents)
• Unit Composition: Each unit consists of one common share and one non-transferable share purchase warrant.
• Warrant Terms (Investors):
  • Term: 5 years from issuance.
  • Exercise Price: Escalating structure.
  • Years 1-3: $0.05 per share.
  • Years 4-5: $0.10 per share.
• Finder’s Compensation:
  • Cash Fees: Up to 6% of the placement.
  • Warrants Issued: Up to 7,885,020 non-transferable finders' compensation warrants.
  • Value Basis: Warrants issued with respect to $1,971,255 of the private placement.
  • Finder Warrant Terms: Identical to investor warrants (5-year term, escalating exercise price of $0.05 for years 1-3 and $0.10 for years 4-5).
• Use of Proceeds: Exploration (pursuant to the company's 2019 National Instrument 43-101 technical report), accounts payable, and working capital.
• Statutory Hold Period: 4 months and 1 day from the date of issuance for all securities.
• Insider Participation: Insiders participated for an aggregate investment of $303,000. This is a related party transaction exempt from formal valuation and minority shareholder approval under MI 61-101, as the interested party portion does not exceed 25% of market capitalization.
• Regulatory Status: Closing is subject to approval of the TSX Venture Exchange.

Notable Quotes

• None provided in the text.