VANCOUVER, BRITISH COLUMBIA – February 6, 2015 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG) is pleased to announce it has closed the first tranche of its previously announced non-brokered Private Placement (the “Private Placement”) (see press release dated October 30, 2014). A total of 508,033 common shares of the Company were issued at a price of $0.25 per share for gross proceeds of $127,008.25. All securities issued as part of the Private Placement are subject to a four month plus one day hold period. No finder's fees or commissions were paid in connection with closing of the Private Placement.
MGX intends to use net proceeds to finance additional work on its flagship Driftwood Creek magnesium deposit and to settle a portion of outstanding debt.