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MGX Minerals closes second tranche of private placement financing

The flow-through unit proceeds will be used for qualified mineral exploration expenses related to the company's projects in Canada

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MGX Minerals is a diversified Canadian resource and technology company.

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]

Quick facts: MGX Minerals Inc.

Price: 0.1 CAD

CSE:XMG
Market: CSE
Market Cap: $14.04 m
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