Mr. Jared Lazerson reports

MGX MINERALS CLOSES $3.2 MILLION FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Further to its news release dated Nov. 23, 2018, MGX Minerals Inc. has closed the first tranche of its previously announced non-brokered private placement financing.

The first tranche generated gross proceeds of $3,195,998.55 by issuance of 3,070,767 flow-through units at 65 cents per flow-through unit and two million non-flow-through units at 60 cents per non-flow-through unit. Under the offering, the company plans to issue up to an aggregate of 6.7 million non-flow-through units and 6,155,000 flow-through units.

Each non-flow-through unit comprises 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. Each flow-through unit comprises 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 flow-through warrant will entitle the holder to acquire one additional common share, on a non-flow-through basis, for a period of 36 months at a price of 70 cents.

The securities issued under the offering will be subject to hold period of four months and one day.

In connection with the offering, the company paid finders' fees to EMD Financial Inc. under the previously announced terms.

The flow-through unit proceeds will be used for qualified mineral exploration expenses on the company's projects in Canada. The non-flow-through unit 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.

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.