Mr. Jared Lazerson reports

MGX MINERALS ANNOUNCES CLOSING OF SPECIAL WARRANT OFFERING

MGX Minerals Inc. has closed the company's previously announced private placement financing through the distribution of 3,555,556 special warrants of the company at a price of 90 cents per special warrant for gross proceeds of $3.2-million. Each special warrant is exercisable, for no additional consideration, into one unit of the company. Each unit shall comprise one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $1.15 until May 12, 2019, subject to acceleration at any time prior to the expiry of the warrants. If the 10-day volume-weighted average trading price of the common shares exceeds $2, then the company may provide notice to the holders of the warrants that the warrants will expire 30 days after the date of the notice.

The company intends to use the net proceeds from the offering to reduce indebtedness (including trade payables and up to $500,000 in repayment of a loan made to MGX by an officer of MGX), and for development and exploration of its Alberta lithium claims, Sturgeon Lake property and Driftwood property (each as described in the company's annual information form, dated March 31, 2017), and for general working capital purposes.

In accordance with the terms of an agency agreement entered into by the company and Mackie Research Capital Corp., the agent received a cash commission equal to 8.5 per cent of the aggregate gross proceeds from the offering as well as rights to receive compensation options in an amount equal to 8.5 per cent of the number of special warrants sold under the offering. The compensation options are exercisable at any time until May 12, 2019, at an exercise price equal to the issue price. Each compensation option entitles the holder to purchase one unit. In the event that the company does not satisfy the qualification condition (as defined below) on or before the qualification deadline (as defined below), the compensation options will be exercisable for 1.1 units.

Pursuant to the terms of the agency agreement, the company has agreed to use its best efforts to obtain a receipt for a final short form prospectus qualifying the distribution of the units upon exercise of the special warrants on or before June 26, 2017, If the qualification condition is not satisfied before the qualification deadline, each special warrant shall become exercisable, without any action on the part of the holders of the special warrants, and for no additional consideration, to receive 1.1 units. Prior to the satisfaction of the qualification condition, the special warrants and the common shares and warrants comprising the units will be subject to a statutory hold period until Sept. 13, 2017.

The company may close additional tranches of under the offering prior to the earlier of the satisfaction of the qualification condition and the qualification deadline. For more information on the offering, please refer to the company's news release, dated March 1, 2017, available on the company's profile on SEDAR and on the company's website.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in Western Canada and the United States. The company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta, as well as petrolithium exploration in Utah.

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