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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.
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.
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.
For further information: Yunkai (Kent) Cai, President, Secretary and Director, Telephone: (647)427-0785, firstname.lastname@example.org