(TheNewswire)
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WASHINGTON, D.C. – TheNewswire– November 16, 2022 – Western MagnesiumCorporation (TSXV:WMG ) ; ( Frankfurt-3WM ) ; ( OTC:MLYF) (“WesternMagnesium” or the “Company”) announces anon-brokered private placement for gross proceeds of up to USD$1,000,000.00 (the “Offering”).
The Offering
The Offering is for up to 11,111,111 units at a priceof USD 0.09 per unit (the “Units”) for gross proceeds of up to USD$1, 00,000.00. Each Unit will consist of one common share in thecapital of Western Magnesium (the "Common Shares") and onecommon share purchase warrant (the "Warrants"). Each Warrantwill be exercisable into one Common Share for a period of twenty-four(24) months at a price of USD $0.18.
The completion of the private placement and payment ofany commission and fees remains subject to the receipt of allnecessary approvals, including the final 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 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 Unlike outdated andcostly production processes, Western Magnesium looks to use acontinuous silicothermic process to produce magnesium, whichsignificantly reduces labor and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.
Investor Relations :
John Ulmer | julmer@westcorp.com | (604)423-2709
Safe Harbor Statement
This news release containsstatements that involve expectations, plans or intentions (such asthose relating to future business or financial results) and otherfactors discussed from time to time in the Company's Securities andExchange Commission filings. These statements are forward-looking andare subject to risks and uncertainties, so actual results may varymaterially. You can identify these forward-looking statements by wordssuch as "may," "should," "expect,""anticipate," "believe," "estimate,""intend," "plan" and other similar expressions.Our actual results could differ materially from those anticipated inthese forward-looking statements as a result of certain factors notwithin the control of the Company. The Company cautions readers not toplace undue reliance on any such forward-looking statements, whichspeak only as of the date made. The Company disclaims any obligationsubsequently to revise any forward-looking statements to reflectevents or circumstances after the date of such statements or toreflect the occurrence of anticipated or unanticipated events.
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 securitieshave not 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.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
For additional information pleasevisit our website at www.westmagcorp.com
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