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Millennial Lithium raising C$21M for exploration, working capital

Millennial Lithium Corp. said Feb. 20 that it signed an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and Cantor Fitzgerald Canada Corp. for a bought-deal offering of 6 million units at C$3.50 each to raise C$21 million for the miner.

The group of underwriters, which includes Cormark Securities Inc. and Sprott Capital Partners, was also given an overallotment option to purchase up to an additional 15% of the units offered at the same price. This option may be exercised within 30 days after and including the financing's closing date.

Each unit will comprise 1 common Millennial Lithium share and half of a share purchase warrant, with a whole warrant exercisable for 1 common share at C$4.25 for 24 months from the closing date.

The financing is expected to close on or around March 13, subject to certain conditions, and the proceeds will be used to fund exploration and development activities at Millennial Lithium's properties in Argentina and for general working capital.