Mr. Jared Lazerson reports

MGX MINERALS ANNOUNCES CA$8 MILLION NON-BROKERED PRIVATE PLACEMENT FINANCING

MGX Minerals Inc. intends to complete a non-brokered private placement to raise gross proceeds of up to $4.02-million on a non-flow-through (NFT) basis and a concurrent non-brokered flow-through (FT) private placement to raise gross proceeds of $4,000,750, for aggregate gross proceeds of up to $8,020,750.

The NFT financing will consist of an offering of up to 6.7 million units. Each NFT unit will be priced at 60 cents and will comprise one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company for a period of 36 months from the date of closing at an exercise price of 67 cents.

The FT financing will consist of an offering of up to 6,155,000 units. Each FT unit shall be priced at 65 cents and will comprise one common share issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each FT warrant will entitle the holder to acquire one additional common share for a period of 36 months from the date of closing at an exercise price of 70 cents.

Closing of the financings is expected to take place on or about the week of Nov. 26, 2018. The securities issued under the FT financing and the NFT financing will be subject to hold period of four months and one day.

In connection with the NFT financing and the FT financing, the company will provide a finder's fee to EMD Financial Inc. equal to a cash payment of 8 per cent of the gross proceeds raised from purchasers of the NFT units and the FT units and common shares equal to 4 per cent of the total number of NFT units and FT units sold. In addition, EMD will receive finder warrants equal to 4 per cent of the total number of NFT units and FT units sold.

The FT financing proceeds will be used for qualified mineral exploration expenses on the company's projects in Canada. The NFT financing proceeds are expected to be used for advancement of the company's lithium and magnesium assets, including continued investment into extraction equipment and PurLucid, property payments and additional acquisitions, engineering studies, permitting activities, and for general working capital.

Revision of shares issued under PurLucid option

The company wishes to correct the number of shares issued to PurLucid Treatment Solutions Inc. shareholders under the phase V investment agreement as reported in the company's Nov. 15, 2018, press release. The correct number of shares issued to PurLucid shareholders was 1,199,198 common shares of the company.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.

We seek Safe Harbor.