(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / October
17, 2016 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce that as
consideration for the acquisition of the Sturgeon Lake Lithium Brine Property,
the Company has issued 2,000,000 common shares to the vendors of the property (see
press release dated August 18, 2016).
The Company also issued 300,000 common shares to CMC Metals Ltd. pursuant to a lease agreement of CMC Metals’
floatation plant. The floatation plant will be utilized to process bulk sample material through reverse flotation to produce two
potentially saleable products- a high purity magnesite tailing and byproduct silica sand float.
Additionally, the Company has negotiated terms for a series of debt conversion agreements with creditors to settle
$140,237.40 worth of debt by issuing a total of 734,652 common shares of the Company. Various consultants and contractors of the
Company participated in the debt settlement.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial
mineral portfolios in western Canada. The Company operates lithium, magnesium and silicon projects throughout British Columbia
and Alberta. MGX recently released
a maiden N.I. 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project, which outlined 8 million
tonnes grading 43.31% magnesium oxide. In January the Company received
a 20-year Mining Lease for Driftwood Creek. Additionally, the Company recently acquired
the Sturgeon Lake lithium brine project in west-central Alberta, increasing the Company's lithium brine land position
to over 376,000 hectares throughout the Province. For further information, please visit the Company's website at www.mgxminerals.com.
Contact Information
Jared Lazerson
Chief Executive Officer
Telephone: 604.681.7735
Email: jared@mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements including the completion of the
rights offering (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking
information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and
similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any
forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results
may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the
Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed
through the Company's profile on SEDAR at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to
buy any of the securities described herein in the United States. The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United
States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an
exemption from the registration requirements.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
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