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NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NEW YORK, NY – TheNewswire – June 17, 2021 – Western Magnesium Corporation (TSXV: WMG; Frankfurt-3WM; OTCQB: MLYF) (“Western Magnesium” or the “Company”) is pleased to announce the closing of the second and final tranche of its previously announced non-brokered private placement (see news release dated May 5, 2021). The first tranche closed on 5,223,420 Units for gross proceeds of CAD 679,044. The second tranche closed on 17,853,506 Units for gross proceeds of CAD 2,320,956. Total aggregate gross proceeds realized is CAD 3,000,000.
The Offering
The maximum Offering is for gross proceeds of up to CAD 3,000,000 at a price of CAD 0.13 per Unit. The Unit price consists 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 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.
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Western Magnesium Closes $3M Financing Fully Subscribed
