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TORONTO, April 15, 2016 /CNW/ - MillenMin Ventures Inc.
(TSX-V: MVM) ("MillenMin" or the "Corporation")
announces a non-brokered private placement (the "Private
Placement") of up to 7,000,000 common shares at a price of
$0.015 per Share for aggregate gross
proceeds of $105,000. The Private
Placement has been conditionally accepted for filing by the TSX
Venture Exchange (the "TSXV") and the Corporation has
received a waiver of the TSXV's $0.05
minimum pricing requirement.
As a condition to the TSXV conditionally accepting the Private
Placement for filing, the Corporation has undertaken to the TSXV to
seek shareholder approval for a consolidation of its common shares
on the basis of one post‑consolidation common share for every four
pre‑consolidation common shares no later than the earlier of its
next annual general meeting and six months from the date of
completion of the Private Placement, and to give effect to the
share consolidation as expeditiously as possible after receiving
the requisite shareholder approval. Shareholders of the
Corporation holding an aggregate 5,200,000 common shares
representing 57.14% of the current issued and outstanding common
shares have signed confirmations that they will vote in favour of
the share consolidation, and subscribers holding at least 50% of
the common shares subscribed for pursuant to the Private Placement
will sign such confirmations prior to closing of the Private
Placement.
If the Private Placement is fully subscribed, the Corporation
intends to use approximately $30,000
of the net proceeds to pay current liabilities, and the balance
will be used for the identification and evaluation of mining assets
and for general working capital purposes. No part of the
proceeds will be used to pay management fees or to pay related
parties.
Mr. Yunkai Cai, President and a director of the Corporation,
will subscribe for 1,000,000 common shares and will own 1,205,000
common shares or approximately 7.48% of the total common shares
issued and outstanding after completion of the Private Placement
(or 1,275,000 common shares representing approximately 7.88% of the
issued and outstanding common shares assuming the full exercise of
options held by Mr. Cai). The Private Placement is a related
party transaction as defined under Multilateral Instrument 61-101,
Protection of Minority Securityholders in Special Transactions. The
Corporation is relying upon the "issuer not listed on specified
markets" and "fair market value not more than $2.5-million" exemptions from the formal
valuation and minority shareholder approval requirements,
respectively, under sections 5.5 and 5.7 of the MI 61-101.
There are neither finders' fees nor commissions to be paid in
connection with the Private Placement. Closing of the Private
Placement is expected to occur on or before April 29, 2016. The common shares issued pursuant
to the Private Placement will be subject to a 4 month hold period
from the date of the closing of the Private Placement.
The Corporation also announces that Kenny Wan has resigned as a director and member
of the audit committee to pursue other interests. The Board of
MillenMin thanks Mr. Wan for his contributions, and wishes him all
the best in his future endeavors.
Additional information about the Corporation is available to the
public on SEDAR at www.sedar.com.
About MillenMin
MillenMin is a Canadian corporation engaged in the acquisition,
exploration and development of mineral properties in Canada and intends to deliver value through
exploration activities. The Corporation is currently advancing its
uranium properties in the eastern side of the Athabasca basin.
Neither 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.
Forward-Looking Statements
This press
release may include forward-looking information within the meaning
of applicable securities laws including information concerning the
business and future results of the Corporation. Any such
forward-looking statements are subject to risks and uncertainties.
Additional information on these and other potential factors that
could affect the Corporation's actual results, performance or
achievements are detailed in disclosure documents filed from time
to time with the applicable securities regulatory authorities. The
Corporation disclaims any obligation to update or revise any
forward-looking information or statements except as may be required
under the applicable laws.
SOURCE MillenMin Ventures Inc.
