Mr. John Ulmer reports
WESTERN MAGNESIUM CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Western Magnesium Corp. has closed the second tranche of its non-brokered private placement previously announced Nov. 16, 2022. The second tranche closed on 818,833 units for gross proceeds of $73,695
(U.S.).
The company is requesting a 30-day extension to complete the private placement.
The offering
The offering is for gross proceeds of $1.3-million (U.S.). Each unit consists 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 one year at a price of 18 U.S. cents per share.
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. Proceeds of the private placement will be used for working capital and to complete its commercialized pilot plant.
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 light weight. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and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.
© 2024 Canjex Publishing Ltd. All rights reserved.