Ms. Ashleigh Barry reports
WESTERN MAGNESIUM CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Western Magnesium Corp. has closed the first tranche of its previously announced non-brokered private placement (see
dated April 18, 2022) of units of the company. The first tranche closed on 1,727,000 units at a price of 25 U.S. cents per unit for gross proceeds of $431,750 (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 12 months at a price of 45 U.S. cents.
The completion of the private placement and payment of any commission 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 for four months and one day from the closing date. The securities have not been registered with the SEC and are also subject to a statutory six-month hold period in compliance with Regulation S of the Securities Act of 1933, as amended. The Regulation S hold period supersedes the TSX Venture Exchange hold period. Proceeds of the private placement will be used for working capital.
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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and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.
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