(TheNewswire)
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES ORFOR
DISSEMINATION IN THE UNITED STATES
WASHINGTON, D.C. – TheNewswire – November 16, 2022 – Western Magnesium Corporation (TSXV:WMG.V ) ( Frankfurt:3WM ) ; ( OTC:MLYF) (“WesternMagnesium” or the “Company”) closes a non-brokered privateplacement of unsecured convertible notes (the "ConvertibleNote") of USD $3,748,561.
The Offering
The non-brokered private placement (the “Offering”)of a 15% unsecured convertible debenture (the “ConvertibleDebenture”) in the principal amount of up to USD $3,748,561 will beconvertible into shares of Common Stock of the Company (“ConversionShares”) for a period of 5 years (the “Maturity Date”) from theclosing date, at a price of USD$0.09. In addition, pursuant to theConvertible Debenture, for every Conversion Share issued, thefollowing shall also be issued thereunder: one (1) Company class Acommon stock purchase warrant, shall also be issued, exercisable at aprice of USD$0.17 for a period of eighteen months (18) years from theclosing date.
The completion of the private placement and payment ofany commission and fees remain subject to the receipt of all necessaryapprovals, including the approval of the TSX Venture Exchange. Thesecurities issued will be subject to a statutory hold period in Canadafor a period of four months and one day from the Closing Date. Thesecurities have not been registered with the SEC and are also subjectto a statutory six-month hold period in compliance with Regulation Sof the Securities Act of 1933, as amended. The Regulation S holdperiod supersedes the TSX Venture Exchange hold period. Proceeds ofthe private placement will be used for working capital and to completeour 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 Unlike outdated andcostly production processes, Western Magnesium looks to use acontinuous silicothermic process to produce magnesium, whichsignificantly reduces labor and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@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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