July 7 (Reuters) - Millenmin Ventures Inc MVM.V :
* Says announces update to the proposed reverse takeover transaction involving a private placement and acquisition of a 49% interest in a Cuban Golf Resort Development
* Says since announcing control placement, co has been informed one of four investors would not be able to complete in timely manner
* Says co intends to proceed with control placement with BICL and remaining three investors
* Says control placement will be reduced by 4.5 million common shares and by 74.6 million subscription receipts
* Says BICL agreed to extend term of its $125,000 loan to co, to provide new $1.5 million loan facility to co
* Says on completion of control placement, BICL, other investors to together hold about 61.8 percent of issued, outstanding common shares Source text for Eikon: ID:nCNW7ggXqa Further company coverage: MVM.V