VANCOUVER, BRITISH COLUMBIA / May 5, 2016 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce it has closed the previously announced non-brokered private placement (the “Private Placement”) (see press release dated April 18, 2016). Due to over-subscribed demand the Company has raised gross proceeds of CA$615,000 through the issuance of 6,150,000 Units (the “Units”).
Each Unit is comprised of one common share of the Company and one full purchase warrant. Each warrant is exercisable into one common share of the Company at a price of CA$0.15 for a period two years from today’s date.
Proceeds from the Private Placement will be used for lithium exploration and development, private placement expenses, maintenance of the Company’s assets, payments of liabilities and general working capital purposes.
Newly issued securities shall be subject to a four month and one day hold period from today’s closing date, in accordance with applicable securities laws. There were no finder fees paid in connection with the private placement.