New Millennium Capital Corp.

New Millennium Capital Corp.

October 04, 2007 11:26 ET

New Millennium Capital Corp. Announces Closing of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2007) -


New Millennium Capital Corp. ("NML" or the "Corporation") (TSX VENTURE:NML) is pleased to announce the private placement previously announced on September 20, 2007 and September 24, 2007, has been completed for gross proceeds of approximately $5,000,000. The Corporation issued 1,612,903 common shares of the Corporation (the "Common Shares") at a price of $0.62 per Common Share and 5,333,333 flow-through shares (the "Flow-Through Shares") at $0.75 per Flow-Through Share. The Common Shares and Flow-through Shares are subject to a hold period that expires on February 5, 2008.

As consideration for their services in connection with the financing, Raymond James Ltd. (the "Agent") received a cash commission of 6% of the gross proceeds of the financing and agent's warrants, permitting the Agent to purchase Common Shares representing a number equal to 6% of the Common Shares and Flow-Through Shares issued pursuant to the financing. The agent's warrants are exercisable at $0.75 for a period of 18 months from the closing of the financing.

The net proceeds of the issue will be used primarily to fund exploration and development of the Corporation's iron ore projects and for general working capital purposes. The financing remains subject to TSX Venture Exchange final approval.

About New Millennium

New Millennium holds a 100% interest in the KeMag Property (Quebec) and an 80% interest in the LabMag Property (Newfoundland and Labrador). Both properties are located within the Millennium Iron Range, the centre of which is located approximately 230 km north of Labrador City, NF and 40 km northwest of Schefferville, QC.

Subject to the completion of positive feasibility studies, project financing and project construction, the concentrate from the KeMag Project would be pumped from the property through a slurry pipeline, about 750 kilometers, to Pointe-Noire, near the Port of Sept-Iles, QC, where it would be both pelletized and sold as concentrate. The concentrate from the LabMag Project would be pumped from the property through a slurry pipeline, about 230 kilometers, to Emeril, NL where it would be pelletized prior to rail transportation via an existing railroad about 390 km to Pointe-Noire, near the Port of Sept-Iles.

These projects envision the construction and operation of ship loading facilities and related infrastructure at the Pointe-Noire terminus from where the various iron ore products would be shipped by ocean vessels to markets in Canada, the United States, Western Europe, North Africa, the Middle East and Asia.

The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials to the world's iron and steel industries.

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This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. New Millennium does not assume any obligation to update any forward looking information contained in this news release.

No regulatory authority has approved or disapproved the content of this release. the TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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