Western Magnesium amends first tranche of placement
2020-12-11 19:05 ET - News Release
Mr. John Ulmer reports
WESTERN MAGNESIUM ANNOUNCES AMENDMENT TO THE CLOSE OF THE FIRST TRANCHE NON-BROKERED PRIVATE PLACEMENT
Western Magnesium Corp. has amended the close of the first tranche of the non-brokered private placement (see news release dated Nov. 20, 2020). The first tranche financing was closed on 5,599,171 units at a price of 13 cents per unit for gross proceeds of $727,892.28. The new amended totals have increased by 225,385 units at the same price of 13 cents per unit for additional gross proceeds of $29,300.07.
Western Magnesium has applied for a 30-day extension from the TSX Venture Exchange for its current non-brokered private placement. The company confirms that there is no material undisclosed information. The financing is subject to final approval from the TSX Venture Exchange.
The offering
The maximum offering is for gross proceeds of up to $7-million. 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 one year at a price of 19 cents per 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 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 the company's 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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and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.
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