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MGX Renewables Inc
Symbol MGXR
Shares Issued 47,123,529
Close 2020-01-21 C$ 0.235
Recent Sedar Documents

MGX Renewables arranges $3-million private placement

2020-01-21 18:09 ET - News Release

Mr. Patrick Butler reports

ZINC8 ENERGY SOLUTIONS ANNOUNCES $3,000,000 PRIVATE PLACEMENT

MGX Renewables Inc., doing business as Zinc8 Energy Solutions, has arranged a non-brokered private placement for total gross proceeds of up to $3-million. The private placement will consist of up to 27,272,727 units at price of 11 cents per unit. The private placement announced Sept. 13, 2019, will not proceed.

Each unit shall consist of one common share and one transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of 15.5 cents in the first year from the date of issuance and at a price of 40 cents for the balance of the term.

The company may pay finders' fees in conjunction with the private placement as permitted by applicable securities laws and the rules of the Canadian Securities Exchange. All securities issued in respect of the private placement will be subject to a hold period of four months and a day from closing of the private placement in accordance with securities laws.

The proceeds of the private placement will be used for general working capital. The private placement is subject to the company's filing requirements with the Canadian Securities Exchange.

MGX Renewables has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. Zinc-air batteries can be ideal for mass storage systems and offer both environmental and safety benefits. The company strives to meet the growing need for secure and reliable power.

We seek Safe Harbor.

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