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Millennium Silver Corp. (TSXV: MSC) (the "Company"), announces that, further to its news releases dated January 14, 2026, and February 20, 2026, it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") and has closed its non-brokered private placement for gross proceeds of $2,888,905 (the "Private Placement"). The oversubscribed Private Placement consists of 192,593,667 units at $0.015 per unit. Each unit comprises one common share and one non-transferable share purchase warrant (the "Warrant"). Each Warrant entitles the holder to acquire one common share exercisable over a period of five years at an exercise price of $0.05 per common share for the initial 3 year period and thereafter at $0.10 per common share until expiry.
Pursuant to the Private Placement, the Company has issued 132,227,000 units for gross proceeds of $1,983,405 and is retaining $905,500 in trust. This amount relates to a subscription from a foreign entity, which is being held in trust pending completion of Personal Information Form ("PIF") background searches by the Exchange. Upon satisfactory completion of the background searches and receipt of the Exchange's final acceptance, the remaining 60,366,667 units will be issued, and the proceeds released from trust.
Aggregate finder's fees of $118,155 cash and 7,877,020 non-transferable finders warrants were paid to arm's-length finders in connection with the Private Placement. Each finder warrant entitles the holder to acquire one common share exercisable over a period of five years at an exercise price of $0.05 per common share for the initial 3 year period and thereafter at $0.10 per common share until expiry.
Proceeds from the Private Placement will be used for exploration (pursuant to the Company's 2019 NI 43-101 Technical Report), accounts payable, and working capital. All securities issued in connection with the Private Placement will have a statutory hold period of four months and one day from the date of issuance.
A director of the Company purchased 1,000,000 units in the Private Placement, which is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). Pursuant to sections 5.5(a) and 5.7(1)(a) of the MI 61-101, the transaction is expected to be exempt from valuation and minor shareholder requirements.
Debt Settlement Closed
Further to the Company's news release dated January 23, 2026, the Company has issued 22,508,132 common shares at a deemed price of $0.015 per share to settle $337,622 in debt owed to certain creditors. This includes: $25,000 owed to a family trust related to the former Chief Executive Officer for a 2022 loan; $57,500 owed to a company director for 2021 and 2022 loans; $132,875 owed to directors, former directors, and officers; and $122,247 owed to a firm where the Chief Financial Officer is a partner. All securities issued are subject to a four-month hold period expiring June 25, 2026.
Millennium Silver Corp. (TSXV: MSC) is primarily focused on the exploration and development of its Silver Peak, Nevada project. The Company's common shares trade on the TSX Venture Exchange under the symbol: MSC.
ON BEHALF OF THE BOARD
"Robert Drago"
Robert Drago
President & CEO
Further information about the Company can be found on SEDAR+ (www.sedarplus.ca) or at www.millennium-silver.ca.
CONTACT: Darren Timmer, Director
Telephone: (604) 527-8146
E-mail: info@millenniumsilver.ca
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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 news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287845
