Western Magnesium Corporation (CVE:WMG) has announced the closing of a fifth and final tranche of its previously announced non-brokered private placement.
The fifth tranche closed with the issue of 851,395 units at a price of C$0.13 per unit for gross proceeds of C$110,681, giving a maximum total gross proceeds for the offering of up to C$7,000,000.
Each unit will consist of one common share in the capital of Western Magnesium and one common share purchase warrant exercisable into one common share for a period of one year at a price of C$0.19 per share.
READ: Western Magnesium launches Business Development and Government Affairs division to lead discussions with public and private sector
The 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 Unlike outdated and costly production processes, the company looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy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.
On April 22, the company announced the launch of a new division to lead formal sales and regulatory engagements with the public and private sector.
Western Magnesium said its new Business Development and Government Affairs division will be led by Washington DC veteran and current Western Magnesium board member Peter O’Rourke. It told shareholders that O’Rourke – who previously served as the acting secretary of the department of veterans affairs for the US government – is “uniquely qualified” to lead the division.
Contact the author at jon.hopkins@proactiveinvestors.com