NEW YORK, NY – TheNewswire – December 11, 2020 – Western Magnesium Corporation (TSXV: WMG; Frankfurt-M1V; OTCQB: MLYF) (“Western Magnesium” or the “Company”) announces an amendment to the close of the first tranche of the non-brokered private placement (see news release dated November 20, 2020). The first tranche financing was closed on 5,599,171 Units at a price of CAD 0.13 per Unit for gross proceeds of CAD 727,892.28. The new amended totals have increased by 225,385 Units at the same price of CAD 0.13 per Unit for additional gross proceeds of CAD 29,300.07.
Western Magnesium has applied for a 30-day extension from the TSX Venture Exchange for its current non-brokered private placement. The Company confirms that there is no material undisclosed information. The financing is subject to final approval from the TSX Venture Exchange.
The Offering
The maximum Offering is for gross proceeds of up to CAD 7,000,000. Each Unit will consist of one common share in the capital of Western Magnesium Corporation (the “Common Shares”) and one Common Share Purchase Warrant (the “Warrants”). Each Warrant will be exercisable into one Common Share for a period of one year at a price of CAD 0.19/share.
The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
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