Western Magnesium arranges $400,000 private placement

Jan 10, 2020

2020-01-10 01:43 ET – News Release

Mr. John Ulmer reports

WESTERN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Western Magnesium Corp. intends to raise up to $400,000 by way of a non-brokered private placement of units of the company at a price of 15 cents per unit. The Offering is subject to TSX Venture Exchange (“TSXV”) final acceptance.

The Offering

The maximum Offering is for gross proceeds of up to $400,000.00. The Offering is not subject to any minimum aggregate subscription. Each Unit will consist of one common stock in the capital of Western Magnesium Corporation (the “Common Stock”) and one Common Stock Purchase Warrant (the “Warrants”). Each Warrant will be exercisable into one Common Stock for a period of one year at a price of $0.21/stock. The Warrants are subject to an acceleration clause which gives the Company the right, on thirty (30) days’ written notice (the “Call Notice”), to require a Holder to exercise the Warrants, so long as the closing trading price of the Company’s common shares exceeds $0.30 per share for at least ten (10) consecutive trading days at any time prior to the date of the Call Notice. The Warrants will terminate on the date that is thirty (30) days from the date of the Call Notice in the event that the Holder has not exercised the Warrants in accordance with the terms of the Call Notice by such date.

The securities issued in connection with the Offering will be subject to a hold period expiring four months and one day from the date of issuance of the securities. 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. Proceeds from the Offering will be used for working capital.

About Western Magnesium

Western Magnesium’s goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight.

Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.

We seek Safe Harbor.

http://westmagcorp.com/