Millennial Precious Metals (MPM.V) has announced it has entered into an agreement with a lead underwriter (Eight Capital) to raise C$15M in a financing priced at C$0.40 per unit. Each unit will consist of one common share and half a warrant with each full warrant allowing the warrant holder to acquire one additional share in Millennial Precious for C$0.55. The company anticipates to close this financing mid-June and the proceeds will obviously be used to fund the ongoing exploration programs in Nevada.
Just a few weeks before the raise was announced, Millennial announced it has started the maiden 20,000 meter drill program on its Wildcat gold project in Nevada as the initial drill program on the Mountain View project has been completed. The initial portion of the 20,000 meter Wildcat drill program will consist of approximately 3,000 meters of diamond drilling in about 20 holes. This (small) initial program was designed to gain additional insight in the metallurgical recoveries and the processes, do some infill drilling to increase the confidence in the resource and gather more data both from a geotechnical point of view as well as drilling underneath the known oxidized areas to gain more insight in the rocks below.
Disclosure: The author has a small long position in Millennial Precious Metals. Please read our disclaimer.
