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MGX Minerals closes previously announced oversubscribed offering, raising C$15.5mln

The company will use the funds to advance its lithium and advanced material projects..

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The offering was oversubscribed by 1.09mln flow-through units and 2.02mln non-flow-through units

MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) told investors it had closed the previously announced private placing, raising gross proceeds of C$15.49mln.

The company will use the funds to advance its lithium and advanced material projects.

Specifically, the company has said it will be used for continued investment into extraction equipment and PurLucid, property payments and additional acquisitions, engineering studies, permitting activities and for general working capital.

MGX issued 5.4mln flow-through units at $1.15 per unit, representing gross proceeds of $6.25mln, and 8.4mln non-flow-through units at $1.10 per unit, representing gross proceeds of C$9.2mln.

The offering was oversubscribed by 1.09mln flow-through units and 2.02mln non-flow-through units.

Shares closed yesterday in Toronto at C$1.04.

Quick facts: MGX Minerals Inc.

Price: 0.07 CAD

CSE:XMG
Market: CSE
Market Cap: $9.83 m
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on 08/26/2019

2 min read