Vancouver, British Columbia--(Newsfile Corp. - March 24, 2016) - Mag One Products (CSE: MDD) (OTCQB: MGPRF) (FSE: 304) has arranged a non-brokered private of $1.5 million with Equitorial Exploration Corp.. The financing consists of 1,666,666 units priced at $0.90 per unit, with each unit comprising one share and one full warrant, with each warrant exercisable at $1.10 for 12 months, with an acceleration clause should the price exceed $2.00.
InvestmentPitch Media has produced a "video news alert" which provides a brief overview of the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Mag One" in the search box.
The funds will be used toward the development of Mag One`s initial Magnesium production module in Quebec. A total of 20 modules are planned, with each module having the capacity to annually produce 5,000 tonnes of 99.9% pure magnesium ingots and ultra-pure magnesium compounds.
Mag One also gave Equitorial the option to finance half the $25 million cost of the first module, which would give Equitorial 50% ownership, under a Joint Venture Agreement.
Mag One emphasized that it is a magnesium production and technology company, not a mining/exploration company. At the company's proposed plant site near Danville, Quebec, there are more than 300 million tonnes of serpentinite tailings. Mag One has secured 30 million tonnes of these tailings, which the company believes is sufficient for 70 years of magnesium ingot production, at a rate of 100,000 tonnes per year, utilizing 20 modules.
Nelson Skalbania, Chairman of Mag One, stated: "Simply having a large mass of magnesium ore is not the ‘key to the mint.' The company's innovative, proprietary, game-changing, patent, and patent application-protected production process and modular plant concept are the keys to competing successfully in today's world markets."
To reconfirm the consistency and quality of its ore, Mag One retained a geo-metallurgical company, which confirmed, based on 96 samples obtained from 18 test pits and trenches spaced 50 metres apart, that the tailings contained an average of 23% magnesium.
Jack Bal, President of Equitorial, stated: "We are very excited to be working with Mag One to build a magnesium production facility with Mag One's proprietary magnesium extraction technology."
For more information about the supply, demand and potential uses of magnesium, please visit www.investmentpitch.com, and enter "Mag One" in the search box, to watch an education video. There is also a video interview available, with Nelson Skalbania discussing the company's potential.
For more information about MAG ONE, please visit the company's website www.MagOneProducts.com, call 604-669-4771 or email info@MagOneProducts.com.
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