VANCOUVER, BRITISH COLUMBIA / August 14, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) announces the Company has closed the second and final tranche of its previously announced non-brokered Private Placement (the “Private Placement”) (see press release dated June 2, 2015) for total gross proceeds of CA$146,274.45.
The Company issued an aggregate of 475,845 shares in connection with the second tranche of the Private Placement. A total of 100,596 flow-through shares were issued at a price of CA$0.335 per share for a gross proceeds of CA$33,699.75, and a total of 375,249 non flow-through common shares were issued at CA$0.30 per share for a gross proceeds of CA$112,574.70. The newly issued shares are subject to a four month and one day hold period from the closing date.
A portion of the flow-through shares are being issued to settle an outstanding shareholder debt which has been incurred to fund eligible Canadian Exploration Expenses, as defined under the Tax Act. The remaining proceeds from flow-through shares will be used to continue exploration and permitting activities for its flagship Driftwood Creek magnesium property. Proceeds from the common shares will be used for general working capital purposes.