Western Magnesium Announces Non-Brokered Private Placement

 

Source: Western Magnesium Corporation 9/10/2020 

Western Magnesium Corporation (TSXV:WMG; Frankfurt-M1V; OTCQB:MLYF) (“Western Magnesium” or the “Company”) is pleased to announce that it intends to raise up to CDN $7,000,000 by way of a non-brokered private placement (the “Offering”) of Units (“Units”) of the Company at a price of CDN $0.13 per Unit.

The Offering

The maximum Offering is for gross proceeds of up to CDN $7,000,000. Each Unit will consist of one common share in the capital of Western Magnesium Corporation (the “Common Shares”) and one Common Share Purchase Warrant (the “Warrants”). Each Warrant will be exercisable into one Common Share for a period of one year at a price of $0.19/share.

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 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 SEC 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 our commercialized pilot plant.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces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.