(TheNewswire)
WASHINGTON, D.C. – TheNewswire – June 3, 2022 – Western MagnesiumCorporation (TSXV:WMG.V ) ; ( Frankfurt-3WM ) ; ( OTC:MLYF) (“Western Magnesium” or the “Company”) ispleased to announce the closing of the final tranche of its previouslyannounced non-brokered private placement (see newsrelease dated April 18, 2022) (the“Private Placement”) of units of the Company (“Units”). ThePrivate Placement closed on an aggregate total of 2,467,000 Units at aprice of USD$0.25 per Unit for combined gross proceeds totalingUSD$616,750.
The Offering
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 the Company(the "Unit Shares") and one share purchase warrant (a"Warrant"), with each Warrant being exercisable to purchaseone share of Common Stock of the Company for twelve (12) months at aprice of USD$0.45.
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 four months and one day from the closingdate. The securities have not been registered with the SEC and arealso subject to a statutory six-month hold period in compliance withRegulation S of the Securities Act of 1933, as amended. The RegulationS hold period supersedes the TSX Venture Exchange hold period.Proceeds of the private placement will be used for working capital.
THIS NEWS RELEASE, PROVIDED UNDER APPLICABLE CANADIANREQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICESOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFEROF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOTBEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, ASAMENDED, OR ANY STATE SECURITIES LAWS AND THE SECURITIES SOLD IN SUCHOFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S.PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATIONREQUIREMENTS.
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 Unlike outdated andcostly production processes, Western Magnesium looks to use acontinuous silicothermic process to produce magnesium, whichsignificantly reduces labor and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.Securities Act, unless registered under the U.S. Securities Act andapplicable state securities laws or under 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) accept responsibilityfor the adequacy or accuracy of this release.
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NOT FOR DISTRIBUTION TO UNITED STATESNEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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