Western Mg arranges $5-million (U.S.) private placement

Sep 12, 2019

2019-09-12 10:55 ET – News Release

Mr. Sam Ataya reports

WESTERN MAGNESIUM ANNOUNCES US$5 MILLION NON-BROKERED PRIVATE PLACEMENT WITH A PRIVATE U.S. INVESTMENT FIRM

Western Magnesium Corp. has arranged a non-brokered private placement with a United States-based private investment firm. The private placement will provide the company with $5-million (U.S.) to finance its growth strategy and continuing operations.

Sam Ataya, CEO of Western Magnesium stated, “We are pleased with this arrangement and that our partner shares our vision for the future of magnesium production and the overarching growth of Western Magnesium — to become the world’s foremost producer of low-cost, green magnesium metal. This capital will enable us to invest in the resources needed to strengthen our organization as we prepare for commercialization of this strategic commodity.”

The investment is being done at a premium to the current market price of the Company’s publicly-traded shares, showing their extreme confidence in the Company, its strategy and management team. The private placement will consist of one common stock at US$0.25 in the capital of Western Magnesium and one share purchase warrant at US$0.42 for a period of two years.

The Offering is subject to TSX Venture Exchange final approval.

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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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/