Thoughts on the news that came out yesterday? VANCOUVER, BC / ACCESSWIRE / March 21, 2021 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FRA:1MG) is pleased to announce that the Company intends to complete a non-brokered private placement (the "Private Placement") for up to 20,000,000 Units ("Units")at a price of CA$0.06 per Unit.
Each Unit will consist of one common share in the capital of the Company (each a "Common Share) and one common share purchase warrant ("Warrant"). Each Warrant is exercisable into one Common Share at a price of CA$0.10 for a period of two years from the date of issue. Each Warrant is callable by MGX in the event its Common Shares trade on the Canadian Securities Exchange at a 10 day volume weighted average price equal to or greater than $0.20.
Closing of the Private Placement is expected to take place on or about the week of April 16th, 2021. The securities issued under the Private Placement are expected to be subject to a hold period of four-months and a day.
Proceeds from the Private Placement will be used for developing mining properties in British Columbia, including its Heino-Money gold deposit and Tillicum Claims, as well as construction of a laboratory to support production of custom lithium batteries using an advanced silicon anode developed jointly with the University of British Columbia, as well as general working capital.