Mr. John Ulmer reports
WESTERN MAGNESIUM CLOSES CONVERTIBLE DEBENTURE FINANCING
Western Magnesium Corp. has closed a non-brokered private placement of unsecured convertible notes of $3,748,561 (U.S.).
The non-brokered private placement of a 15-per-cent unsecured convertible debenture in the principal amount of up to $3,748,561 (U.S.) will be convertible into shares of common stock of the company for a period of five years from the closing date, at a price of nine U.S. cents. In addition, pursuant to the convertible debenture, for every conversion share issued, the following shall also be issued thereunder: one company Class A common stock purchase warrant shall also be issued, exercisable at a price of 17 U.S. cents for a period of 18 months from the closing date.
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 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 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 and to complete the company's 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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and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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