Millbank Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia–(November 12, 2024) – Millbank Mining Corp. (TSXV: MILL) (the “Company” or “Millbank“) is pleased to announce that it has completed its previously announced private placement of 9,090,910 units (the “Units“) at a price of $0.33 per Unit to raise gross proceeds of $3,000,000 (the “Private Placement“).
Each Unit consists of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant is exercisable to acquire one additional Common Share of the Company (a “Warrant Share“) until November 8, 2026 at an exercise price of $0.50 per Warrant Share.
In connection with the Private Placement, the Company has paid to certain finders a cash commission of $81,798.59 and has issued 247,874 non-transferable broker warrants (having the same terms as the Warrants) as compensation.
All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months, expiring on March 8, 2025. The Company intends to use the net proceeds of the Private Placement for exploration work on its properties and for working capital.
Insiders of the Company have subscribed for 333,273 Units in the Private Placement. The issuance of the Units to the insiders pursuant to the Private Placement (the “Insider Participation“) is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, in respect of the Insider Participation.
The Company plans to use the net proceeds of the Private Placement for general corporate purposes and working capital.
About Millbank Mining Corp.: Millbank Mining Corp. is a mineral exploration company currently focused on its Arthur Lake Copper project in British Columbia and Blakelock hydrogen project in Ontario.
For further information, please contact:
Ben Asuncion
Chief Executive Officer
Millbank Mining Corp.
Tel: 604-377-1597
Email: ben@piholdings.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes, in light of the experience of their respective officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. The forward-looking statements and information in this press release include, amongst others, the Company’s intended use of the net proceeds of the Private Placement. Such statements and information reflect the current view of the Company. There are risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.