Great news. Millennial Lithium Corp. Announces Receipt of...

Great news.

Millennial Lithium Corp. Announces Receipt of Superior Proposal
Published: Sept. 8, 2021 at 1:03 p.m. ET

Vancouver, British Columbia, Sep 08, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - September 8, 2021) - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") announces that it has received an unsolicited non-binding proposal from a foreign based lithium battery production company ("New Offeror") for the acquisition of all of the issued and outstanding common shares of Millennial (each, a "Share") not already owned by the New Offeror (the "New Offer"). The board of directors of Millennial (the "Board"), after consultation with the Company's financial and legal advisors, and after consideration of a recommendation from the Special Committee of the Board has unanimously determined that the New Offer constitutes a "Superior Proposal" in accordance with the terms of the arrangement agreement between Millennial, Ganfeng Lithium Co., Ltd. (HK: 1772) (OTCQX: GNENF) ("Ganfeng") and 1314992 B.C. Ltd. (a subsidiary of Ganfeng) dated July 16, 2021, as amended (the "Ganfeng Agreement").

Pursuant to the terms of the New Offer, the New Offeror has offered to acquire the Shares from Millennial's shareholders by way of a plan of arrangement at a price of CAD $3.85 per Share (the "Purchase Price"), payable in cash, representing total cash consideration to the Company's shareholders of approximately CAD $377 million. The Purchase Price under the New Offer represents a premium of CAD $0.25 per Share to the consideration offered to Millennial's shareholders pursuant to the Ganfeng Agreement.