Mr. Patrick Butler reports
MGX RENEWABLES INC. DBA ZINC8 ENERGY SOLUTIONS ANNOUNCES CLOSING OF PRIVATE PLACEMENT
MGX Renewables Inc., doing business as Zinc8 Energy Solutions, has completed its previously announced non-brokered private placement, as described in its news release dated Jan. 21, 2020, pursuant to which it has issued an aggregate of 27,879,513 units at a price of 11 cents per unit for gross proceeds of $3,066,746.43.
Each unit consists of one common share and one non-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 paid finders' fees of $186,893 and issued 632,887 share purchase warrants to certain finders in connection with the private placement.
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.
About MGX Renewables Inc.
MGX, doing business as Zinc8, has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery.
We seek Safe Harbor.
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