Western Magnesium Corporation (CVE:WMG) (OTCMKTS:MLYF) (FRA:3WM) said it has successfully closed a previously announced non-brokered private placement of 4,350,000 units for gross proceeds of $870,000.
The Vancouver-based company’s initial offering aimed to raise $850,000, however, that target was later raised to $870,000.
The proceeds of the private placement will be used for working capital and to complete a commercialized pilot plant as part of Western Magnesium’s goal of producing low-cost, green magnesium metal.
READ: Western Magnesium initiates non-brokered private placement to fund pilot plant
Each of the 4,350,000 units is comprised of one common share valued at $0.20 and one common share purchase warrant. Valid for one year, each warrant is exercisable for one common share priced at $0.30 per share.
In mid-June, the company raised $3 million through a fully subscribed placement. The company also announced the completion of a key reactor at the pilot plant.
The Western Magnesium pilot plant will incorporate its proprietary technology, which can generate magnesium metal with low labor, high automation, low energy and zero toxic by-products and waste.
Magnesium has a range of uses and is a composite metal, used to make aluminum and titanium. It is essential in an array of industries, including automotive, aviation, energy and military.
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