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Millennium Silver Corp ( (TSE:MSC) ) just unveiled an update.
Millennium Silver Corp. has closed an oversubscribed non-brokered private placement raising gross proceeds of $2.89 million, issuing 192.6 million units at $0.015 per unit, each with a five-year warrant, with a portion of the funds held in trust pending regulatory background checks on a foreign subscriber. The financing, which included finder fees and participation by a company director, is earmarked for exploration at its Silver Peak project, paying down accounts payable, and general working capital.
The company also completed a shares-for-debt settlement, issuing 22.5 million common shares at $0.015 to extinguish $337,622 in liabilities owed to various insiders and creditors, including directors, former executives, and a firm associated with the CFO. Together, the capital raise and debt conversion strengthen Millennium Silver’s balance sheet, improve liquidity, and support ongoing project advancement while modestly diluting existing shareholders through substantial new equity issuance.
More about Millennium Silver Corp
Millennium Silver Corp. is a Canadian mineral exploration company focused on advancing its Silver Peak project in Nevada. The company’s common shares trade on the TSX Venture Exchange under the symbol MSC, positioning it within the junior mining sector targeting silver-focused exploration and development opportunities.
Average Trading Volume: 1,072,870
Technical Sentiment Signal: Buy
Current Market Cap: C$3.32M
For a thorough assessment of MSC stock, go to TipRanks’ Stock Analysis page.