MGX Minerals Closes $6.8M
Non-Brokered Private Placement with $3.6M Second Tranche
VANCOUVER, BRITISH
COLUMBIA -- December 21, 2018 -- InvestorsHub
NewsWire -- MGX Minerals Inc. (“MGX” or the
“Company”) (CSE: XMG / OTCQB: MGXMF / FKT: 1MG) is pleased to
announce, further to its news releases dated November 23, 2018 and
November 27, 2018, it has closed the second and final tranche of
its previously announced non-brokered private placement financing
(the “Offering”).
The second tranche generated gross proceeds of $3,610,449.80 by
issuance of 5,008,384 flow through units (the “FT
Units”) at $0.65 per FT Unit and 591,667 non-flow through
units (the “NFT Units”) at $0.60 per NFT Unit.
Aggregate proceeds raised under the first and second tranche of the
offering total $6,806,448.35.
Each NFT Unit is comprised of one common share of the Company (a
“Common Share”) and one common share purchase
warrant (a “Warrant”). Each Warrant will entitle
the holder to acquire one additional Common Share of the Company
for a period of 36 months from the date of issuance at an exercise
price of $0.67. Each FT Unit is comprised of one Common Share
issued on a flow-through basis pursuant to the Income Tax Act
(Canada) and one-half of one Common Share purchase warrant (each
whole warrant, a “FT Warrant”). Each FT
Warrant will entitle the holder to acquire one additional Common
Share, on a non-flow through basis, for a period of 36 months from
the date of issuance at a price of $0.70.
The securities issued under the Offering will be subject to a
hold period of four-months and one day.
The FT Unit proceeds will be used for qualified mineral
exploration expenses on the Company’s projects in Canada including
Driftwood Magnesium Oxide, Fran Gold, Ren Niobium-Titanium-Rare
Earth, and multiple Silicon Projects. The NFT Unit proceeds are
expected to be used for advancement of the Company’s global water
treatment and lithium assets, including continued investment into
extraction equipment and PurLucid, property payments and additional
acquisitions, engineering studies, permitting activities, and for
general working capital.
In connection with the Offering, the Company paid finder’s fees
to EMD Financial Inc. under the terms previously disclosed in the
news release dated November 23, 2018.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws and may not be
offered or sold within the United States unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology
company with interests in global advanced material, energy and
water assets. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President & CEO
Telephone: 1.604.681.7735
Web: www.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 (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",
"postulate" 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.
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