Western Magnesium Corporation (CVE:WMG) has announced the closing of the first tranche of its previously announced non-brokered private placement for gross proceeds of C$679,044.
The company noted that the first tranche financing was closed on 5,223,420 units at a price of C$0.13 per unit. The maximum offering is for gross proceeds of up to C$3 million. Each unit will consist of one common share in the capital of the company and one common share purchase warrant, with each 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 non-brokered private placement to raise gross proceeds of up to C$3 million
Western Magnesium said it has applied for a 30-day extension from the TSX Venture Exchange for its current non-brokered private placement. The company confirms that there is no material undisclosed information.
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.
The company previously said the proceeds of the private placement will be used for working capital and to complete its commercialized pilot plant.
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