Mr. Sam Ataya reports
WESTERN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO USD$3,000,000 IN UNITS
Western Magnesium Corp. has arranged a non-brokered private placement of units of the company to raise gross proceeds of up to $3-million (U.S.).
The units will be sold at a price of 25 U.S. cents per unit. Each unit will consist of one share in the common stock of the company and one share purchase warrant, with each warrant being exercisable to purchase one share of common stock of the company for a period of 12 months at a price of 45 U.S. cents.
Executive president and chief executive officer Sam Ataya stated: "This private placement demonstrates the tremendous appetite of sophisticated investors who wish to participate in the exciting trajectory of Western Magnesium, and further reinforces the compelling story of domestically produced, environmentally friendly magnesium -- an element critical to the security of the United States. Strong institutional partners, alongside our loyal and supportive shareholders, will form a robust foundation for our approach to listing on a major U.S. stock exchange."
Chief financial officer Ramsey Hamady added, "We anticipate this most recent financing will enable the company through completion of the commercial pilot plant and production of magnesium, thus firmly positioning Western Magnesium as an innovative and pioneering American industrial company and setting our seat on the world's stage."
The completion of the private placement and the payment of any commissions and fees remain subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be issued will be subject to a statutory hold period in Canada of four months and one day from the closing date.
About Western Magnesium Corp.
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and
Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and energy costs relative to current methods and processes, while being environmentally friendly.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.