Millennium to undertake a fully-underwritten 1-for-8.8...

Millennium to undertake a fully-underwritten 1-for-8.8
renounceable rights issue at 16.5 cents per share to raise
approximately $15M (before costs).
• Issue price represents a 17.5% discount to the Company’s
closing price of shares on 20 February 2019.
• Rights Issue fully underwritten by Bell Potter, with subunderwriting from the Company’s major shareholder, IMC Group,
demonstrating IMC’s strong ongoing support for the Company.
• Proceeds will be used to fast-track several of Millennium’s key
growth initiatives at Nullagine, including the development of a
second underground mine at Golden Gate and to maintain the
current high level of exploration momentum across the Project.
• The additional funds will allow the Company to significantly
ramp-up exploration targeting new, high-grade gold targets as
part of its ongoing strategy to increase the average head grade.
• The expanded CY2019 exploration program will pursue both
high-grade oxide and sulphide targets, with commissioning of
the Stage 1 upgrade to the Nullagine Processing plant to
accommodate sulphide ore on-track to commence in April 2019.
• Growth programs will see the Company’s production guidance
increase from 90-100koz at an AISC of $1,300 - $1,375/oz in
CY2019 to 110-120koz at an AISC of $1,200/oz in CY2020.