Mr. Jared Lazerson reports

MGX MINERALS CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

MGX Minerals Inc. has closed the first tranche of its previously announced non-brokered private placement (see press release dated Aug. 31, 2015) for total gross proceeds of $238,300.

The company issued a total of 472,364 units in connection with the first tranche of the private placement. A total of 42,364 units, each consisting of one flow-through common share and one common share purchase warrant, were issued at a price of 55 cents per share for gross proceeds of $23,300, and a total of 430,000 units, each consisting of one common share and one common share purchase warrant, were issued at 50 cents per share for a gross proceeds of $215,000. The newly issued shares are subject to a four-month-and-one-day hold period from the closing date. Any purchase warrants distributed in this first tranche shall be exercisable for 12 months from the grant date at an exercise price of 65 cents.

The proceeds from the units containing flow-through common shares will be used to incur eligible Canadian exploration expenses, as defined under the Income Tax Act. The remaining proceeds will be used to settle outstanding debts for services and for general working capital purposes.

Palisade Capital Corp.

Palisade Capital was a participant in the private placement. Palisade Capital is an offshore merchant banking group, specializing in high-growth, small-cap investments. Palisade Capital has a global network of private equity groups, fund managers, and high-net-worth and retail investors, which it uses to create strategic relationships to increase liquidity and source financing.

We seek Safe Harbor.