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MGX Minerals Announces Debt Settlement and Option Grant

VANCOUVER, BRITISH COLUMBIA / May 6, 2016 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce the Company has negotiated terms for a series of debt conversion agreements with creditors in order to settle CA$268,000 in outstanding debt through the issuance of 2,680,000 common shares at a deemed price of CA$0.10 per unit. As part of the settlement the Company has written down CA$108,000 in account payable.

MGX also announces it has granted an aggregate of 1,000,000 incentive stock options under the Company’s stock option plan to certain officers, directors and consultants of the Company, which are each exercisable at CA$0.40 per common share and expire on May 4, 2018.