/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 22, 2017) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") reports it intends to complete a non-brokered private placement financing for proceeds of up to $8.7-million.

The private placement will be comprised of up to 6,000,000 units of the Company at a price of $1.45 per unit (a "Unit"). Each Unit will be comprised of one common share and one-half common share purchase warrant. Each full warrant will entitle the holder to purchase one common share at a price of $1.90 per share for a period of 24 months from the closing date (the "Warrants"). The Company may increase the size of the private placement based on market conditions.

The Company may pay a finder's fee in connection with the issue and sale of some or all of the Units issued under the private placement. The finder's fee shall consist of not more than a 6% cash payment and 6% warrants, exercisable on the same terms as the Warrants, calculated with reference to the gross proceeds of the private placement purchased by subscribers introduced by any particular finder. The Company does not anticipate any new insiders will be created, or that a change of control will occur as a result of the private placement. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable Exchange policies.

Proceeds of the private placement will be used primarily to advance the Pastos Grandes project by continued drilling, process and evaporation trials engineering. A portion of the private placement will be used to fund general and administrative expenses. With current cash on hand and the proceeds of this financing, Millennial estimates it will have sufficient funding to advance the Pastos Grandes project to the stage where a Preliminary Economic Assessment (a "PEA") could begin, provided exploration continues to be successful.

The private placement and the finder's fee are subject to their approval by the TSX Venture Exchange.

MILLENNIAL LITHIUM CORP.

"Graham Harris"

Chairman, 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. No assurance can be given that any Preliminary Economic or other assessment of the Company's properties or projects will result in a conclusion that economic production is possible or probable. 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.