Mr. Neil Foran reports
MGX MINERALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
MGX Minerals Inc. intends to complete a non-brokered private placement for up to 20 million units at a price of six cents per unit.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable into one common share at a price of 10 cents for a period of two years from the date of issue. Each warrant is callable by MGX in the event its common shares trade on the Canadian Securities Exchange at a 10-day volume-weighted average price equal to or greater than 20 cents.
Closing of the private placement is expected to take place on or about the week of April 16, 2021. The securities issued under the private placement are expected to be subject to a hold period of four months and a day.
Proceeds from the private placement will be used for developing mining properties in British Columbia, including its Heino-Money gold deposit and Tillicum claims, as well as construction of a laboratory to support production of custom lithium batteries using an advanced silicon anode developed jointly with the University of British Columbia, as well as general working capital.
The board of directors has appointed the company's chief financial officer, Neil Foran, to fill a vacancy on the board, and Andris Kikauka as the company's chief executive officer. Patrick Power has resigned, and the company has accepted his resignation from all positions, including his position as CEO. The company remains focused on the advancement of the Heino gold project, including discussions with potential partners. As well, the company continues to develop and negotiate licensing of the company's lithium silicon battery and zinc oxygen battery technologies. The company continues to discuss partnerships for advancement of its Driftwood magnesium project.
About MGX Minerals Inc.
MGX Minerals is a diversified Canadian resource and technology company listed on the Canadian Securities Exchange. MGX invests in commodity and technology companies and projects, focusing on battery and energy mass storage technology, extraction of minerals from fluids, and exploration for industrial mineral and precious metals.
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