WMG:CC - Western Magnesium Amends Equity Private Placement Close
(TheNewswire)
WASHINGTON, D.C. – TheNewswire - February 15,2023 – Western MagnesiumCorporation (WMC) (TSXV:WMG.V ) ; ( Frankfurt-3WM ) ; ( OTCQB:MLYF) (“WesternMagnesium” or the “Company”) announces anamendment to the non-brokered private placement previously announcedon November 16, 2022 and its closing of the third and final tranchepreviously announced January 31, 2023. The final tranche closed on600,000 Units for gross proceeds of US$6 6,000 .
The non-brokered private placement closed its firsttranche November 24, 2022 on 2,295,273 Units for gross proceeds ofUS$188,530 and closed its second tranche December 30, 2022 on 818,833Units for gross proceeds of US$73,695 and closed its final trancheJanuary 30, 2023 on 600,000 Units for gross proceeds ofUS$6 6,000. The private offering closed on an aggregate total of3,804,364 Units for gross proceeds of US$311,639.
The Offering
The Units were offered at a price of US$0.09 per Unit.Each Unit consisted of one common share in the capital of WesternMagnesium Corporation (the "Common Shares") and one CommonShare Purchase Warrant (the "Warrants"). Each Warrant willbe exercisable into one Common Share for a period of two years at aprice of US$0.18 per share.
The completion of the private placement and payment ofany commission and fees remains subject to the receipt of allnecessary approvals, including the approval of the TSX VentureExchange. The securities issued will be subject to a statutory holdperiod in Canada for a period of four months and one day from theClosing Date. The securities have not been registered with the SEC andare also subject to a statutory one-year hold period in compliancewith Regulation S of the Securities Act of 1933 as amended. TheRegulation S hold period supersedes the TSX Venture Exchange holdperiod. Proceeds of the private placement will be used for workingcapital and to complete our commercialized pilot plant.
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLECANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSSERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOTCONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERINGIN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIESACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THESECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THEUNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLEEXEMPTION FROM REGISTRATION REQUIREMENTS.
About Western Magnesium
Western Magnesium's goal is to be a low-cost producerof green, primary magnesium metal, a strategic commodity prized forits strength and light weight. Unlike outdated and costly productionprocesses, Western Magnesium looks to use a continuous silicothermicprocess to produce magnesium, which significantly reduces labor andenergy costs relative to current methods and processes, while beingenvironmentally friendly.
Investor Relations
John Ulmer | julmer@westmagcorp.com | (604)423-2709
Forward-Looking Statements
Statements in this news release thatare not historical facts are forward-looking statements that aresubject to risks and uncertainties. Actual results may differmaterially from those currently anticipated due to several factors,including the Company's dolomite reserves may not be mined because oftechnical, regulatory, financing, or other obstacles, the market pricefor magnesium may make our resources uneconomic and we may not be ableto hire and retain skilled employees. The Company undertakes noobligation to update forward-looking information except as required bylaw. The reader is cautioned not to place undue reliance onforward-looking statements. These forward-looking statements are madeas of the date of this news release.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
This news release does notconstitute an offer to sell or a solicitation of an offer to buy anyof the securities described in this news release. Such securities havenot been, and will not be, registered under the United StatesSecurities Act of 1933, as amended (the “U.S. Securities Act”), orany state securities laws, and, accordingly, may not be offered orsold within the United States, or to or for the account or benefit ofpersons in the United States or “U.S. Persons”, as such term isdefined in Regulation S promulgated under the U.S. Securities Act,unless registered under the U.S. Securities Act and applicable statesecurities laws or pursuant to an exemption from such registrationrequirements.
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