Company appoints Mr. Man Chung (Charles) Yeung to Board of Directors
Vancouver, British Columbia–(Newsfile Corp. – November 23, 2017) – Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) (“Millennial” or the “Company”) is pleased to announce that the Company has closed on the second tranche of its private placement (the “Private Placement”) first announced on November 10, 2017.
In closing the second tranche of the Private Placement, the Company issued a total of 5,700,000 common shares in its capital stock which, together with the issuance of 6,300,000 common shares issued with the closing of the first tranche on November 10, 2017, brought the total number of shares issued in the Private Placement to 12,000,000 shares (the “Shares”). The purchase price for each of the Shares was $2.50.
Total proceeds of the Private Placement were $30,000,000.
The 5,700,000 common shares issued with the closing of the second tranche carry a resale restriction on the TSX Venture Exchange expiring four months from today’s date. In addition, the Company and Million Surge have entered into an agreement whereby Million Surge will not sell any of the Shares before the date that is six (6) months from the date of the first tranche’s closing (being May 10, 2018)
Additional details on the Private Placement may be found in the Company’s news release of November 10, 2017.
A finder’s fee of 5% has been paid to VSA Capital Shanghai Limited of Shanghai, China on the proceeds of the Private Placement.
The Company plans to use the proceeds from the Private Placement to develop its lithium brine projects in Argentina.
The Private Placement represents a strategic investment from Million Surge Holdings Limited (“Million Surge”), a wholly-owned subsidiary of Golden Concord Group Limited (“GCL”), one of the largest integrated energy services providers in China that specializes in clean energy and new energy.
The Shares acquired by Million Surge, when combined with the shares issued in the initial tranche, represent approximately 17.3% of the issued and outstanding common shares of the Company. Prior to this acquisition, Million Surge and GCL did not own any securities of Millennial (apart from the shares acquired in the initial tranche). GCL will evaluate its investment in Millennial from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require and in accordance with TSX Venture Exchange rules.
Appointment of Mr. Man Chung (Charles) Yeung to the Board of Directors
The Company is also pleased to announce that Mr. Yeung has been appointed to its Board of Directors concurrently with the closing of the second tranche of the Private Placement.
Mr. Yeung has over 20 years of experience in accounting, auditing and financial management. He is responsible for the financial control and reporting, corporate finance, and tax and risk management of GCL-Poly Energy Holdings Limited (“GCL-Poly”) and its subsidiaries. He is a member of the Nomination Committee, Corporate Governance Committee and Strategy and Investment Committee of GCL-Poly.
Mr. Yeung has been a Certified Practicing Accountant in Australia since 1996 and an Associate of the Hong Kong Institute of Certified Public Accountants since 1996. Mr. Yeung holds a Bachelor of Business degree with a major in accounting from Edith Cowan University in Perth Australia.
Mr. Yeung’s extensive professional experience includes:
- Managing Partner of Deloitte Touche Tohmatsu China’s Energy & Resources, Head of Corporate Finance Advisory Services, Southern China, Audit Partner (1994 — 2014)
- Member of Central Policy Unit of the Government of Hong Kong Special Administrative Region (2008 and 2009)
- Council of the Duty Lawyer Services (2012 — present)
- Executive Director and Chief Financial Controller, GL-Poly Energy Holdings Limited (2014 – present)
- Non-Executive Director, GCL New Energy Holdings Limited (stock code: 451) (2015 — present)
About Golden Concord Group Limited
Million Surge is a wholly-owned subsidiary of GCL. GCL is the world’s largest manufacturer of high quality photovoltaic materials. GCL is an integrated energy group that specializes in clean, efficient and new energy. Since its foundation, GCL has committed itself to “Bringing Green Power to Life” by providing supreme energy and delivering first-rate services. Through various innovations and its constant pursuit of excellence, GCL strives to be the most respectable international clean energy enterprise.
GCL has established a solid foundation in major industries: power, photovoltaic and oil & gas. GCL owns a substantial interest in a number of publicly listed companies, including GCL-Poly Energy Holdings Limited (3800.HK), GCL New Energy Holdings Limited (0451.HK) and GCL System Integration Technology Co., Ltd. (002506.SZ).
The GCL group has subsidiaries in the P.R. China, Hong Kong, Taiwan, the USA, Canada, Singapore, Indonesia, Ethiopia, Djibouti and many other areas in the world. GCL’s head office is located at 28 Xinqing Road, Industrial Park District, Suzhou, Jiangsu Province, the P.R. China.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email [email protected] Millennial’s head office is located at 2000-1177 West Hastings Street, Vancouver, BC, V6E 2K3.
This news release is being issued in accordance with National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated November 22, 2017. The exemption relied on for the acquisition of the Shares is Section 2.3 of National Instrument 45-106 — Prospectus and Registration Exemptions. The early warning report will be filed on the System for Electronic Document Analysis and Review (SEDAR) under the Company’s profile at www.sedar.com and may be obtained by contacting Millennial’s Investor Relations at (604) 662-8184 or email [email protected] Millennial’s head office is located at Unit 1703-1706, Level 17, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong.
MILLENNIAL LITHIUM CORP.
President and CEO, Director
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.