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TORONTO, April 29, 2016 /CNW/ - MillenMin Ventures Inc. (TSX-V: MVM) ("MillenMin" or the "Corporation") has closed a non-brokered private placement (the "Private Placement") of 7,000,000 common shares ( "Shares" ) at a price of $0.015 per Share for aggregate gross proceeds of $105,000, as disclosed in its press release dated April 15, 2016.
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 and special meeting and six months from the date of completion of the Private Placement. Shareholders of the Corporation holding an aggregate 5,612,000 common shares representing 61.67% of the current issued and outstanding common shares and all the subscribers to the Private Placement have signed the confirmations to vote in favour of the share consolidation.
Mr. Yunkai Cai, President and a director of the Corporation, subscribed for one million Shares, or 14.3% of seven million Shares. There are neither finders' fees nor commissions to be paid in connection with the Private Placement. The Shares issued pursuant to the Private Placement will be subject to a 4 month hold period expiring August 30, 2016.
The proceeds of the Private Placement will be used to pay current liabilities, and for the identification and evaluation of mining assets and for general working capital purposes.
Additional information about the Corporation is available to the public on SEDAR at www.sedar.com.
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, Telephone: (647)427-0785, firstname.lastname@example.org