Mr. Jared Lazerson reports

MGX MINERALS PROVIDES UPDATE ON SPIN-OUT OF MGX RENEWABLES INC.

MGX Minerals Inc. has provided an update regarding its previously announced arrangement agreement, dated Oct. 31, 2018, with its wholly owned subsidiary, MGX Renewables Inc. (formerly ZincNyx Energy Solutions Inc.), whereby MGX will complete the spinout of 40 per cent of the common shares of MGX Renewables pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).

The spinout will require approval by MGX shareholders at MGX's annual general and special meeting, which will take place on Jan. 11, 2019, and the non-brokered private placement by MGX Renewables of up to 12 million subscription receipts at a price of 25 cents per subscription receipt for aggregate gross proceeds of up to $3-million, which is planned to close on Jan. 31, 2019.

MGX has submitted an application to list the shares of MGX Renewables on the Canadian Securities Exchange. Listing of the MGX Renewables shares remains subject to CSE approval.

For more information on the plan of arrangement and the subscription receipt offering, please refer to the company's news release dated Nov. 1, 2018, available on the company's profile on SEDAR and at the MGX Minerals website.

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.