News Release PP 2021-11-08 21:46 ET - News Release
(via TheNewswire)
WASHINGTON, D.C. - TheNewswire - November 8, 2021 - Western Magnesium Corporation (TSXV:WMG ) ( Frankfurt:3WM ) ( OTC:MLYF) (“Western Magnesium” or the “Company”) announces a non-brokered private placement for gross proceeds of up to USD 1,500,000.00 (the “Offering”).
The Offering
The Offering is for up to 2,727,273 units at a price of USD 0.55 per unit (the “Units”) for gross proceeds of up to USD 1,500,000.00. Each Unit will consist of one common share in the capital of Western Magnesium (the "Common Shares") and one common share purchase warrant (the "Warrants"). Each Warrant will be exercisable into one Common Share for a period of twelve (12) months at a price of USD 0.75.
The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the final 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.