Western Magnesium Corporation said it has closed its previously announced non-brokered private placement, which will see the issue of a total of 1,375,499 units at a price of US$0.55 per unit for gross proceeds of US$756,524.
Each unit consists of one common share in the capital of Western Magnesium and one common share purchase warrant. Each warrant is exercisable into one common share for a period of one year at a price of US$0.75 per share.
Proceeds of the private placement will be used for working capital and to complete its commercialized pilot plant, the company said.
READ: Western Magnesium says its corporate operations have officially moved to Washington DC as it targets US industrial base
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 securities have not been registered with the SEC and are also subject to a statutory one-year hold period in compliance with Regulation S of the Securities Act of 1933 as amended.
The Regulation S hold period supersedes the TSX Venture Exchange hold period.
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