Millennium Silver arranges $2.25M private placement

Executive Summary

• Millennium Silver Corp. announced a non-brokered private placement of up to 150 million units at $0.015 per unit, raising up to $2.25 million in gross proceeds.
• The company simultaneously granted 8.16 million stock options to directors, officers, employees, and consultants, exercisable at $0.05 per share.
• Proceeds from the financing are designated for exploration activities, accounts payable, and working capital.

Key Details

• Private Placement Structure:
  • Units Offered: Up to 150,000,000 units.
  • Price: $0.015 per unit.
  • Gross Proceeds: Up to $2,250,000.
  • Composition: Each unit consists of one common share and one non-transferable share purchase warrant.
• Warrant Terms:
  • Term: Five years from the date of issuance.
  • Exercise Price (Years 1-3): $0.05 per share.
  • Exercise Price (Years 4-5): $0.10 per share.
• Use of Proceeds: Exploration (pursuant to the company's 2019 NI 43-101 technical report), accounts payable, and working capital.
• Finder’s Fees: The company may pay up to 6% finders' fees to eligible finders.
• Insider Participation: Insiders may participate; the transaction is expected to be exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the fair market value involving interested parties will not exceed 25% of the company's market capitalization.
• Stock Option Grant:
  • Quantity: 8,160,000 options.
  • Exercise Price: $0.05 per share.
  • Expiration Date: January 14, 2031.
  • Recipients: Directors, officers, employees, and consultants.
  • Status: Subject to regulatory approval.