Millennial Announces Closing of Public Offering

TSXV: BPM | OCTQB: MLPMF

TORONTO, June 16, 2022 /CNW/ – Millennial Precious Metals Corp. (TSXV: MPM) (OTCQB: MLPMF) (“Millennium“or the”Company“) is pleased to announce that it has closed its previously announced prospectus offering of 40,184,830 shares of the Company (the “Units“) at the price of CA$0.40 per unit for total gross proceeds of approximately C$16.1 millionwhich includes the partial exercise of the over-allotment option (the “Offer“).

Millennial Precious Metals Corp logo. (CNW Group/Millennial Precious Metals Corp.)

Each Unit consists of one common share of the Company (each, a “Ordinary share“) and one-half common share purchase warrant (each whole common share purchase warrant, one “To guarantee“). Each warrant entitles its holder to purchase one common share at an exercise price of CA$0.55 for a period of 24 months from the closing of the Offer.

The placement was made by Eight Capital, as lead manager, with Cormark Securities Inc., PI Financial Corp., Stifel Nicolaus Canada Inc. and Sprott Capital Partners LP (collectively, the “Subscribers“). The Company has paid the underwriters (i) a cash fee of 6% of the aggregate gross proceeds of the offering, other than with respect to purchasers on the President’s list, for which a cash fee 3% cash has been paid, and (ii) such number of broker warrants equal to 6% of the number of units sold, except for purchasers on the President’s list for whom no warrants warrant has been issued, each broker warrant exercisable into one common share at a price of CA$0.40 for a period of 24 months from the closing of the Offer.

The Company plans to use the net proceeds of the offering to advance exploration, permitting and engineering studies on the Wildcat and Mountain View projects in support of mineral resource updates, Preliminary Economic Assessment and Exploration Business Plan for both projects, as well as payment for asset acquisition and general corporate and working capital purposes, all as further described below. detail in the Prospectus (as defined below).

The offering has been made pursuant to a simplified prospectus dated June 9, 2022 (there “Prospectus“) deposited in all the provinces of Canada except Quebecand in United States on a private placement basis to qualified institutional buyers pursuant to an exemption from the registration requirements of Rule 144A of the United States Securities Act of 1933, as amended (the “U.S. Securities LawThe Offering is subject to final acceptance by the TSX Venture Exchange, which has conditionally accepted the Offering. Warrants issued pursuant to the Offering are expected to commence trading on or about June 23, 2022.

The securities offered under the Offer have not been and will not be registered under United States securities law or any United States state securities law, and may not be offered or sold in United States or to, or for the account or for the benefit of, United States persons absent from registration or any applicable exemption from the registration requirements of United States securities law and applicable United States securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in United Statesnor will there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT MILLENNIAL PRECIOUS METALS CORP.

Millennial Precious Metals (TSXV: MPM) (OTCQB: MLPMF) is an exploration and development company focused on extracting quality ounces through the responsible expansion of its eight gold and silver projects located at Nevada and Arizona, United States. The Company intends to accelerate the development of its two flagship projects located in Nevada: Wildcat and Mountain View. Wildcat’s inferred mineral resource estimate contains 776,000 ounces of Au oxide (60.8 million tonnes at 0.40 g/t Au; effective date of November 18, 2020) and the Mountain View inferred mineral resource estimate contains 427,000 ounces of Au oxide (23.2 million tonnes at 0.57 g/t Au; effective date of November 15, 2020). Technical reports entitled “NI 43-101 Technical Report Resource Estimate for the Wildcat Project, Pershing County, Nevada, United States“, date November 20, 2020 with an effective date of November 18, 2020 prepared by William J. LewisB.Sc., P. Geo., Rodrigo Calles-MontijoMSc., GIC, and Leonardo de SouzaMAusIMM (CP) and “NI 43-101 Technical Report for the Mountain View Project, Washoe Country, Nevada, United States“, date November 25, 2020 with an effective date of November 15, 2020prepared by William J. LewisB.Sc., P. Geo., Rodrigo Calles-MontijoMSc., GIC, and Leonardo de SouzaMAusIMMs (CP) are available on the Generation Y issuer profile on SEDAR at www.sedar.com.

Millennial Precious Metals is led by an experienced management team and Board of Directors with a proven track record in financing and developing high quality mining projects. The Company is well positioned to create value for all stakeholders by applying a systematic strategy to advance and de-risk all eight projects over the next few years.

Company Website: https://millennialpreciousmetals.com/

QUALIFIED PERSON

The information in this press release has been reviewed and approved by Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration for Millennial Precious Metals Corp. Mr. Dutaut is a QP as defined by NI 43-101.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are forward-looking statements, which reflect management’s expectations regarding Millennial’s business development goals and plans.

The forward-looking information contained in this press release is based on certain factors and assumptions. Although Millennial considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These factors include the risks inherent in the exploration and development of mineral deposits, including the risks associated with changes in project parameters as plans continue to be refined, the risks associated with changes in grade or recovery, risks related to changes in mineral prices and global demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, dependence on with respect to key personnel, operational risks, regulatory risks, including risks relating to the acquisition of necessary licenses and permits, risks relating to financing, including the inability of Millennial to use the proceeds received from the a manner consistent with current expectations, capitalization and liquidity risks, title and environmental risks, and pandemic health risks and the outbreak of communicable diseases, such as the current outbreak of the novel coronavirus, COVID-19.

In addition, these forward-looking statements reflect management’s current beliefs and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a slowdown in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decline in demand for precious metals, (4) a number of events or causes that may delay exploration and development of property interests, such as liability, weather, mechanical failure, safety issues and labor issues, (5) the risk that the Company will not execute its plan of business, (6) inability to fund operations and growth, (7) inability to obtain all necessary permits, (8) anticipated listing of common stock and warrants on the TSX Venture Exchange, (9) the receipt of required TSX Venture Exchange approvals, (10) the intended use of the proceeds of the Offering and (11) other factors beyond the Company’s control .

These forward-looking statements are made as of the date of this press release and Millennial undertakes no obligation to update these forward-looking statements, or to update the reasons why actual results differ from those projected in the forward-looking statements, except in accordance with applicable securities laws.

Neither the 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.

SOURCE Millennial Precious Metals Corp.

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