Western Magnesium Corporation (CVE:WMG) has announced the close of the fourth tranche of its previously announced non-brokered private placement, with 6,554,172 units issued at a price of C$0.13 each for gross proceeds of C$852,042.
The company also announced an adjustment to the second and third tranche of the offering for an additional aggregate total of 1,809,939 Units for additional gross proceeds of C$235,290.
READ: Western Magnesium updates on ongoing progress of pilot plant construction
The maximum offering is now for gross proceeds of up to C$7,000,000. Each unit in the offering consists of one Western Magnesium common share and one common share purchase warrant. Each warrant will be exercisable into one common share for a period of one year at a price of C$0.19 per share.
Western Magnesium said proceeds of the private placement will be used for working capital and to complete our commercialized pilot plant.
Completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing date.
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and lightweight. Unlike outdated and costly production processes,
The company 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.
Contact the author at jon.hopkins@proactiveinvestors.com