Millennial Potash closes private placement for $9.2 million

Millennial Potash Corp. (TSXV: MLP) closed a private placement raising $9,188,880 through the sale of 5,928,310 units priced at $1.55 each, according to a company statement.

Each unit consists of one common share and one-half share purchase warrant. The warrants are exercisable for two years at CDN$2.20 per share. The company paid commissions totaling CDN$477,846.65 on non-insider units.

The shares and any shares issued through warrant exercise are subject to a four-month hold period expiring November 29, 2025. Proceeds will fund exploration and development activities on the company's Banio Potash Project and general working capital.

The Quaternary Group Ltd. acquired 1,290,323 units in the placement. Following the transaction, Quaternary holds 26,092,056 common shares and 9,311,829 warrants, representing approximately 24.64% of outstanding shares on a non-diluted basis and 30.73% assuming exercise of all Quaternary's warrants.

Prior to the placement, Quaternary owned 24,801,733 shares and 8,666,667 warrants, representing 24.81% of outstanding shares on a non-diluted basis. The company initially announced the private placement on July 21, 2025, and amended it to increase the size on July 24, 2025.

Quaternary stated the securities are held for investment purposes with no current plans for actions outlined in early warning reporting requirements, though it may develop such plans depending on market conditions and other factors.

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