Millennial Potash raises $18.3 million in equity financing

Millennial Potash Corp. (TSXV: MLP) completed a private placement offering raising gross proceeds of $18,287,500, the company announced January 29, 2026.

The financing consisted of two components: a "bought deal" offering that raised $17,537,500 through the sale of 5,750,000 units at $3.05 per unit, and a concurrent non-brokered private placement that raised an additional $750,000 through 245,901 units at the same price.

Each unit includes one common share and one-half of a share purchase warrant. The warrants allow holders to purchase additional common shares at $4.00 each for 36 months from the closing date.

Cantor Fitzgerald Canada Corporation served as lead underwriter and sole bookrunner alongside SCP Resource Finance LP. The underwriters received $1,052,250 in cash commissions and compensation options to purchase up to 230,000 common shares at $3.05 each until January 29, 2029.

The company stated it will use the net proceeds to fund costs for a definitive feasibility study for its Banio Potash Project and for general working capital purposes.

The bought deal units were issued under the Listed Issuer Financing Exemption to purchasers in Ontario, British Columbia and other qualifying jurisdictions. These units are not subject to a hold period under Canadian securities laws, while the non-brokered placement units face a four-month resale restriction.

The offering requires final approval from the TSX Venture Exchange. Chairman Farhad Abasov said the financing was supported by global asset management firms and will fund three technical programs including a definitive feasibility study, environmental and social impact assessment, and planned drilling at the Banio project.

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