Western Magnesium arranges $1.5M (U.S.) financing 2023-02-10 20:12 ET - News Release
Mr. John Ulmer reports
WESTERN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO US$1,500,000 IN UNITS
Western Magnesium Corp. has arranged a non-brokered private placement of units of the company to raise gross proceeds of up to $1.5-million (U.S.)
The offering
This unit offering is for gross proceeds of $1.5-million (U.S.). Each unit consists of one common share in the capital of Western Magnesium at a price of seven U.S. cents and one common share purchase warrant at a price of 19 U.S. cents. Each warrant will be exercisable into one common share for a period of one year.
The completion of the private placement and payment of any commission and fees remain subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be 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 U.S. Securities and Exchange Commission and are also subject to a statutory six-month 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.