(TheNewswire)
WASHINGTON, D.C. – TheNewswire – April 18, 2022 – Western Magnesium Corporation (TSXV:WMG.V ) ( Frankfurt:3WM )( OTC:MLYF) (“Western Magnesium” or the“Company”) is pleased to announce a non-brokered private placement(the “Private Placement”) of units of the Company (“Units”) toraise gross proceeds of up to USD $3,000,000.
The Units
The Units will be sold at a price of USD$0.25 per Unit. Each Unit will consist of one share in the Common Stock of theCompany (the "Unit Shares") and one share purchase warrant(a "Warrant"), with each Warrant being exercisable topurchase one share of Common Stock of the Company for a period oftwelve (12) months at a price of USD$0.45.
Executive President & CEO, Sam Ataya, states,“This private placement demonstrates the tremendous appetite ofsophisticated investors who wish to participate in the excitingtrajectory of Western Magnesium, and further reinforces the compellingstory of domestically produced, environmentally friendly magnesium –an element critical to the security of the United States. Stronginstitutional partners alongside our loyal and supportiveshareholders, will form a robust foundation for our approach tolisting on a major US stock exchange.”
Chief Financial Officer, Ramsey Hamady, adds, “Weanticipate this most recent financing will enable the Company throughcompletion of the commercial pilot plant and production of magnesium,thus firmly positioning Western Magnesium as an innovative andpioneering American industrial company and setting our seat on theworld’s stage.”
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 to be issued will be subject to a statutoryhold period 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 six-month 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.
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 goalis to be a low-cost producer of green, primary magnesium metal, astrategic commodity prized for its strength and light weight. Unlike outdated andcostly production processes, Western Magnesium looks to use acontinuous silicothermic process to produce magnesium, whichsignificantly reduces labor and energy costs relative to currentmethods and processes, while being environmentally friendly.
Media Relations & CorporateCommunications : Ashleigh Barry | abarry@westmagcorp.com | (202) 258-4453
Investor Relations : John Ulmer | julmer@westmagcorp.com | (604) 423-2709
Safe HarborStatement
This news releasecontains statements that involve expectations, plans or intentions(such as those relating to future business or financial results), andother factors discussed from time to time in the Company’sSecurities and Exchange Commission filings. These statements areforward-looking and are subject to risks and uncertainties, so actualresults may vary materially. You can identify these forward-lookingstatements by words such as “may,” “should,” “expect,”“anticipate,” “believe,” “estimate,” “intend,”“plan” and other similar expressions. Our actual results coulddiffer materially from those anticipated in these forward-lookingstatements as a result of certain factors not within the control ofthe Company. The Company cautions readers not to place undue relianceon any such forward-looking statements, which speak only as of thedate made. The Company disclaims any obligation subsequently to reviseany forward-looking statements to reflect events or circumstancesafter the date of such statements or to reflect the occurrence ofanticipated or unanticipated events.
This news releasedoes not constitute an offer to sell or a solicitation of an offer tobuy any of the securities described in this news release. Suchsecurities have not been, and will not be, registered under the UnitedStates Securities Act of 1933, as amended (the “U.S. SecuritiesAct”), or any state securities laws, and, accordingly, may not beoffered or sold within the United States, or to or for the account orbenefit of persons in the United States or “U.S. Persons”, as suchterm is defined in Regulation S promulgated under the U.S. SecuritiesAct, unless registered under the U.S. Securities Act and applicablestate securities laws or pursuant to an exemption from suchregistration requirements.
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
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