(TheNewswire)
VANCOUVER, BRITISH COLUMBIA – TheNewswire - January 26, 2022 - MGX Minerals Inc. (“MGX” or the“Company”) (CSE:XMG) / (CNSX:XMG.CN)/ (FKT:1MG) is pleased to announce that the Company has completeda non-brokered private placement (the “Private Placement”) for 5,000,000 Units (“Units”)at aprice ofCA$0.05perUnit for gross proceeds of $250,000.
[Each Unit consists of one common share in the capital of the Company (each a“Common Share) and one common share purchase warrant (“Warrant”). Each Warrant isexercisable into one Common Share at a price of CA$0.10 for a period of two years fromthe date of issue. Each Warrant is callable by MGX in the event its Common Shares tradeon the Canadian Securities Exchange at a 10 day volume weighted average price equal to orgreaterthan$0.20.]
ThesecuritiesissuedunderthePrivatePlacementaresubjecttoaholdperiodoffour-months and a day. There were a total of 3 placees, management did not participate in the financing, and no finder’s fees were paid in connection with the financing.
Proceeds from the Private Placement will be used for developing mining properties in BritishColumbia, as well as funding research and development of an advanced silicon anode for high efficiency lithium ion batteries and development of a new zinc ion battery, jointly withtheUniversity ofBritishColumbia, in addition to general corporate purposes.
Shares for Debt
The Company has completed shares for debt transactions as follows:
OCI Group Inc. $187,000 @ $0.07 per share for 2,700,000 commons shares
Malaspina Consultants LLP. $110,250 @ $0.075 per share for 1,469,999 common shares
Proactive Investor North America Inc. @ $0.05 per share for 1,275,750 common shares
About MGX
MGX Minerals is a diversified Canadian resource and technology company with interests in strategic metals, precious metals and advanced energy technologies.
Contact Information:
www.mgxminerals.com
Andris Kikauka
Chief Executive Officer
andris@mgxminerals.com
604 373 8565
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacyoraccuracyofthis release.
Forward-LookingStatements
This news release contains forward-looking information or forward-looking statements (collectively,"forward-lookinginformation")withinthemeaningofapplicablesecuritieslaws.Allstatements,otherthan statements of historical fact, included herein are forward‐looking information. Forward-lookinginformation in this news release include, but are not limited to, statements with respect to holdingthe postponed Meeting, and the filing of an amended notice of meeting and record date for thepostponedMeeting.Forward-lookinginformationisgenerally,butnotalways,identifiedbythewords"expects", "plans", "anticipates", "in the event", "if", "believes", "asserts", "position", "intends","envisages","assumes","recommends","estimates","approximate","projects","potential","indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or"should"occur.
TheCompany’sforward-lookinginformationarebasedontheapplicableassumptionsandfactorstheCompany considers reasonable as of the date hereof, based on the information available to theCompanyatsuchtime,includingwithoutlimitation,itsabilitytocompletethePrivatePlacement.TheCompanycautionsinvestorsthatanyforward-lookinginformationprovidedbytheCompanyisnotaguarantee of future results or performance, and that actual results may differ materially from thoseinforward-lookinginformationasaresultofvariousriskfactors.Thesefactorsinclude,amongothers,uncertaintiesarisingfromtheCOVID-19pandemic,andgeneraleconomicconditionsorconditionsinthe financial markets. The reader is referred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, which may be accessed through theCompany's profile on SEDAR at www.sedar.com. Except as required by securities law, the Companydoes not intend, and does not assume any obligation, to update or revise any forward-lookinginformation,whetherasaresult ofnew information,eventsorotherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of thesecurities in the United States. The securities have not been and will not be registered under theUnited States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securitieslaws and may not be offered or sold within the United States unless registered under the U.S.SecuritiesActandapplicablestatesecuritieslawsoranexemptionfromsuchregistrationisavailable.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION INCANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TOUNITEDSTATESNEWSWIRESERVICESORDISSEMINATIONINTHEUNITEDSTATES.
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