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Millennial raises C$5.9M to fund drilling at Argentine lithium project

Millennial Lithium Corp. raised C$5.9 million via a private placement of about 4.8 million units at C$1.25 apiece to fund the second phase of drilling at its Pastos Grandes lithium project in Argentina.

Each unit is comprised of one common share and 0.5 of a share purchase warrant, with each whole warrant exercisable for two years at C$1.50.

The company plans to conduct a geophysics program to confirm continuity between holes and the hydrogeology, it said March 27.

Millennial initially set out to raise up to C$8.7 million, but changed the terms of the placement in mid-March following completion of the first phase of drilling.