Western Magnesium Corporation (TSXV:WMG; Frankfurt-M1V; OTCQB:MLYF) (“Western Magnesium” or the “Company”) is pleased to announce the closing of the non-brokered private placement of unsecured convertible notes (the “Convertible Note”), previously announced July 24th, 2020, in the Principal Amount of $150,000.
The Principal Amount of the Convertible Note will bear interest at 12% per annum, and any accrued but unpaid interest, will mature on the date that is one (1) year following the Closing Date (the “Maturity Date”). Each Convertible Note may be convertible into common shares, (a “Share”), of the Company at Market Price per Share and any accrued but unpaid interest thereon will be convertible into Shares at the price per Share which is the greater of (i) $0.05 and (ii) the Market Price (as defined in the policies of the TSX Venture Exchange (the “Exchange”) on the date of a conversion notice.
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 SEC are also subject to statutory hold periods that apply in the jurisdictions in the USA.
The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the Exchange. Proceeds of the private placement will be used for working capital. No finder’s fees were paid in connection with this private placement.
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 lightweight qualities. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces manufacturing and energy costs relative to current methods and processes, while being environmentally friendly.
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