MGX Minerals Inc (CSE:XMG) has closed the second and final tranche of its previously announced, non-brokered, private placement financing.
The Vancouver-based company said the second tranche generated gross proceeds of C$3,610,449.80 through issuance of 5,008,384 flow-through units at C$0.65 per flow-through unit and 591,667 non-flow-through units at C$0.60 per non-flow-through unit.
BIG PICTURE: MGX Minerals, the diversified mining, water and energy storage group, advancing on a number of fronts
Total proceeds raised under the first and second tranche of the offering total C$6,806,448.35.
The flow-through unit proceeds will be used for qualified mineral exploration expenses on the company's projects in Canada, including Driftwood magnesium oxide, Fran gold, Ren niobium-titanium-rare-earth and multiple silicon projects.
The securities issued under the offering will be subject to a hold period of four months and one day.
The non-flow-through unit proceeds are expected to be used for the advancement of the company's global water treatment and lithium assets.
Contact Rene Pastor by [email protected]