Mr. John Ulmer reports
WESTERN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Western Magnesium Corp. has arranged a non-brokered private placement for gross proceeds of up to $1-million (U.S.).
The offering is for up to 11,111,111 units at a price of nine U.S. cents per unit for gross proceeds of up to $1-million (U.S.). Each unit will consist of one common share in the capital of Western Magnesium and one common share purchase warrant. Each warrant will be exercisable into one common share for a period of 24 months at a price of 18 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 final approval of the TSX Venture Exchange. The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing date. The securities have not been registered with the Securities and Exchange Commission and are also subject to a statutory one-year 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 and to complete its commercialized pilot plant.
About Western Magnesium
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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and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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