Sign up USA
Proactive Investors - Run By Investors For Investors

MGX Minerals set to raise C$7.5mln via placings to advance projects and interests

MGX is set to raise C$7.5mln via private placings to develop its Canadian projectS.
MGX Minerals set to raise C$7.5mln via placings to advance projects and interests
The flow through financing will consist of an offering of up to 2.38mln units, with each unit priced at C$1.05.

MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) is set to raise C$7.5mln via private placings to develop its Canadian projects and its magnesium and lithium interests.

The group intends to complete a non-brokered non-flow-through placing to raise gross proceeds of up to C$5mln and, at the same time, a non-brokered flow-through placing to raise gross proceeds of C$2.5mln.

The non-flow through financing consists of an offering of up to 5mln units, with each unit priced at $1 and consisting of one company share and one share purchase warrant.

Each warrant will entitle the holder to acquire one company share for 36 months from  the date of closing at an exercise price of C$1.15 each.

The flow through financing will consist of an offering of up to 2.38mln units, with each unit priced at C$1.05.

Each flow through  warrant will entitle the holder to acquire one further share on a non-flow-through basis, for 36 months at C$1.15 each.

The closing of the financings is expected to take place on or around the week beginning December 4 this year.

The proceeds of the flow-through financing will be used for mineral exploration expenses on the firm's Canada projects.

The non-flow through financing proceeds are expected to be used  to advance the lithium and magnesium assets, including continued investment into extraction equipment and PurLucid, property payments and additional acquisitions, engineering studies, permitting activities, and general working capital.

View full XMG profile View Profile

MGX Minerals Inc. Timeline

Related Articles

1513112117_pershing-jpeg.jpg
December 12 2017
The Toronto-listed firm's main asset is the Relief Canyon Mine in Pershing County, Nevada..
farming tractor at work in a crop
April 10 2018
The front end engineering design (FEED) confirmed a post-tax NPV of US$902 million.
australian and south africa flags detailing company's projects
April 12 2018
The company is fast-tracking its application for full-scale mining rights across the WBP.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use