Western Magnesium Corrects Term on Convertible Debenture Financing.
WASHINGTON, DC - TheNewswire - March 28, 2023 - Western Magnesium Corporation (TSXV: WMG.V Frankfurt-3WM; OTCQB: MLYF) (“ Western Magnesium ” or the “ Company ”) corrects the term of its Convertible Note, as described in the Company’s prior press release of November 16, 2022.
The Offering consisted of a USD $3,748,561 Convertible Note which will bear interest at 15% and have a maturity date of eighteen (18) months from the closing of the offering. For every conversion share issued, the Company will also issue one full warrant exercisable at USD $0.17 for a period of eighteen (18) months from the closing date.
The convertible note remains subject to the final approval of the TSX Venture Exchange.
Went from 5 years to 18 months as per original news release below... WASHINGTON, D.C. – TheNewswire – November 16, 2022 – Western Magnesium Corporation (TSXV:WMG.V)(Frankfurt:3WM); (OTC:MLYF) (“Western Magnesium” or the “Company”) closes a non-brokered private placement of unsecured convertible notes (the "Convertible Note") of USD $3,748,561.
The Offering
The non-brokered private placement (the “Offering”) of a 15% unsecured convertible debenture (the “Convertible Debenture”) in the principal amount of up to USD $3,748,561 will be convertible into shares of Common Stock of the Company (“Conversion Shares”) for a period of 5 years (the “Maturity Date”) from the closing date, at a price of USD$0.09. In addition, pursuant to the Convertible Debenture, for every Conversion Share issued, the following shall also be issued thereunder: one (1) Company class A common stock purchase warrant, shall also be issued, exercisable at a price of USD$0.17 for a period of eighteen months (18) years from the closing date.