Western Magnesium Corporation announced plans to raise up to US$3 million in a non-brokered private placement of units to aid in its strategy of becoming a low-cost producer of magnesium.
"This private placement demonstrates the tremendous appetite of sophisticated investors who wish to participate in the exciting trajectory of Western Magnesium, and further reinforces the compelling story of domestically produced, environmentally friendly magnesium - an element critical to the security of the United States,” CEO Sam Ataya said in a statement.
“Strong institutional partners alongside our loyal and supportive shareholders, will form a robust foundation for our approach to listing on a major US stock exchange."
READ: Western Magnesium hires independent valuation firm to assess company, its intellectual property (IP), systems and market potential
CFO Ramsey Hamady added: “We anticipate this most recent financing will enable the company through completion of the commercial pilot plant and production of magnesium, thus firmly positioning Western Magnesium as an innovative and pioneering American industrial company and setting our seat on the world's stage."
Western Magnesium's goal is to become a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. The firm 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.
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