Millennial Lithium (ML.V) appears to be taking advantage of its strong share price to top up its treasury once again. It has engaged several underwriters (led by Canaccord and Cantor Fitzgerald) to raise up to C$21M by issuing 6 million units. Each unit will consist of one common share and half a warrant, with each full warrant allowing the warrant holder to purchase an additional share for C$4.25.
This, combined with the existing cash position of C$35M (our own estimate, the official cash position as of at November 30th was C$42.5M) puts Millennial in an excellent financial shape to aggressively advance the Pastos Grandes lithium project in Argentina. The official technical report on the Preliminary Economic Assessment was filed on Friday night, and we will shortly provide you with an in-depth update on the project.