Mr. Farhad Abasov reports

MILLENNIAL COMPLETES SECOND TRANCHE OF $30 MILLION STRATEGIC INVESTMENT WITH GCL

Millennial Lithium Corp. has closed on the second tranche of its private placement first announced on Nov. 10, 2017.

In closing the second tranche of the private placement, the company issued a total of 5.7 million common shares in its capital stock which, together with the issuance of 6.3 million common shares issued with the closing of the first tranche on Nov. 10, 2017, brought the total number of shares issued in the private placement to 12 million shares. The purchase price for each of the shares was $2.50.

Total proceeds of the private placement were $30-million.

The 5.7 million common shares issued with the closing of the second tranche carry a resale restriction on the TSX Venture Exchange expiring four months from today's date. In addition, the company and Million Surge have entered into an agreement whereby Million Surge will not sell any of the shares before the date that is six months from the date of the first tranche's closing (being May 10, 2018).

Additional details on the private placement may be found in the company's news release of Nov. 10, 2017.

A finder's fee of 5 per cent has been paid to VSA Capital Shanghai Ltd. of Shanghai, China, on the proceeds of the private placement.

The company plans to use the proceeds from the private placement to develop its lithium brine projects in Argentina.

The private placement represents a strategic investment from Million Surge Holdings Ltd., a wholly owned subsidiary of Golden Concord Group Ltd., one of the largest integrated energy services providers in China that specializes in clean energy and new energy.

The shares acquired by Million Surge, when combined with the shares issued in the initial tranche, represent approximately 17.3 per cent of the issued and outstanding common shares of the company. Prior to this acquisition, Million Surge and GCL did not own any securities of Millennial (apart from the shares acquired in the initial tranche). GCL will evaluate its investment in Millennial from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require and in accordance with TSX Venture Exchange rules.

Appointment of Man Chung (Charles) Yeung to the board of directors

The company is also pleased to announce that Mr. Yeung has been appointed to its board of directors concurrently with the closing of the second tranche of the private placement.

Mr. Yeung has over 20 years of experience in accounting, auditing and financial management. He is responsible for the financial control and reporting, corporate finance, and tax and risk management of GCL-Poly Energy Holdings Ltd. and its subsidiaries. He is a member of the nomination committee, corporate governance committee, and strategy and investment committee of GCL-Poly.

Mr. Yeung has been a certified practicing accountant in Australia since 1996 and an associate of the Hong Kong Institute of Certified Public Accountants since 1996. Mr. Yeung holds a bachelor of business degree with a major in accounting from Edith Cowan University in Perth, Australia.

Mr. Yeung's extensive professional experience includes:

• Managing partner of Deloitte Touche Tohmatsu China's Energy & Resources, head of corporate finance advisory services, southern China, audit partner (1994 to 2014);
• Member of central policy unit of the government of Hong Kong Special Administrative Region (2008 and 2009);
• Council of the Duty Lawyer Services (2012 to present);
• Executive director and chief financial controller, GL-Poly Energy Holdings Ltd. (2014 to present);
• Non-executive director, GCL New Energy Holdings Ltd. (2015 to present).

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