MGXMF - MGX Minerals Announces Completion of Non-Brokered Private Placement
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA – TheNewswire - January 26, 2022 - MGXMinerals Inc. (“MGX” or the “Company”)( CSE:XMG ) / (CNSX:XMG.CN) / ( FKT:1MG ) ispleased to announce that the Company has completed a non-brokered private placement (the “PrivatePlacement”) for 5,000,000 Units (“Units”) at a price of CA$0.05 per Unitfor gross proceeds of $250,000.
[Each Unit consists of one common share in the capital of theCompany (each a “CommonShare) and one common share purchase warrant (“Warrant”). EachWarrant is exercisable intoone Common Share at a price of CA$0.10 for a period of two yearsfrom the date of issue. EachWarrant is callable by MGX in the event its Common Shares trade on the Canadian Securities Exchangeat a 10 day volume weighted average price equal to or greater than $0.20.]
The securities issued under the Private Placement are subject to a hold period of four- months and a day. There were atotal of 3 placees, management did not participate in the financing,and no finder’s fees were paid in connection with thefinancing.
Proceeds from the Private Placement will be used fordeveloping mining properties in British Columbia, as well as funding research and development of anadvanced silicon anode for high efficiency lithium ion batteries anddevelopment of a new zinc ion battery, jointly with the University of British Columbia, in addition togeneral corporate purposes.
Shares for Debt
The Company has completed shares for debt transactionsas follows:
OCI Group Inc. $187,000 @ $0.07 per share for 2,700,000commons shares
Malaspina Consultants LLP. $110,250 @ $0.075 per sharefor 1,469,999 common shares
Proactive Investor North America Inc. @ $0.05 per sharefor 1,275,750 common shares
MGX Minerals is a diversified Canadian resource andtechnology company with interests in strategic metals, precious metalsand advanced energy technologies.
ContactInformation:
Andris Kikauka
Chief Executive Officer
604 373 8565
Neither the Canadian Securities Exchange nor itsRegulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking informationor forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. All statements, other than statements of historicalfact, included herein are forward ? looking information. Forward-looking information in this news release include, but are not limitedto, statements with respect to holding thepostponed Meeting, and the filing of an amended notice of meeting andrecord date for the postponed Meeting. Forward-looking information is generally, but not always, identified by the words "expects", "plans","anticipates", "in the event", "if","believes", "asserts", "position","intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that eventsor conditions "will", "would", "may","could" or "should" occur.
The Company’s forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as ofthe date hereof, based on the information available to the Company at such time, including without limitation, its ability to complete the Private Placement. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and thatactual results may differ materially from those in forward-looking information as a result of various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in thefinancial markets. The reader is referred to the Company's publicfilings for a more complete discussion of suchrisk factors, and their potential effects, which may be accessedthrough the Company's profile on SEDAR at www.sedar.com. Except as requiredby securities law, the Company does not intend,and does not assume any obligation, to update or revise anyforward-looking information, whether as a result of newinformation, events or otherwise.
This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in the United States. The securities have not beenand will not be registered under the UnitedStates Securities Act of 1933, as amended (the “U.S. SecuritiesAct”) or any state securities laws and may notbe offered or sold within the United States unless registered underthe U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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