Western Magnesium Corp V.WMG.H

News Private Placement

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Western Magnesium Announces Non-Brokered Private Placement
 
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

NEW YORK, NY – TheNewswire – August 10, 2021 – Western Magnesium Corporation (TSX-V:WMG; Frankfurt-3WM; OTCQB:  MLYF) (“Western Magnesium” or the “Company”) is announces a non-brokered private for gross proceeds of up to US $1,656,251 / CDN $2,070,313.
 
The Offering
The Offering is for gross proceeds of up to US $1,656,251 / CDN $2,070,313. Each Unit will consist of one common share at US $0.44 / CDN $0.55 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 eighteen (18) months at a price of US $0.52 / CDN $0.65. 
 
The warrants are subject to a Force Majeure clause in that at any time following the date of issue of this Warrant, the Company has the right, on thirty (30) days’ written notice (the “Call Notice”), to require a Holder to exercise the Warrants (the “Right of Call”), so long as the closing trading price of the Company’s common shares on the Company’s principal trading market exceeds US $0.80 / CDN $1.00 per share for at least ten (10) consecutive trading days at any time prior to the date of the Call Notice. The Warrants will terminate on the date that is thirty (30) days from the date of the Call Notice in the event that the Holder has not exercised the Warrants in accordance with the terms of the Call Notice by such date.
 
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.