VANCOUVER, BRITISH COLUMBIA / May 18, 2018 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) announces it is unifying the expiry date of common share purchase warrants issued in multiple tranches of its private placement financing from December 2017 (the “Private Placement”). As a result, 3,092,192 warrants having an expiry date of December 8, 2020 and 4,079,000 warrants issued on December 20, 2020, will be amended to have an expiry date of December 27, 2020. In total there were 9,900,454 warrants issued under the Private Placement, which have an exercise price of $1.15 and will now have the same expiry date of December 27, 2020.
The Company also announces that Chairman Marc Bruner has filed a Petition against the Company in British Columbia Supreme Court on Wednesday, May 16, 2018. Mr. Bruner is seeking a declaration that the Company was unfairly prejudicial and acted in bad faith by withholding shares that he alleges were owed to him and an order to direct the Company to issue the shares and to compensate him for any losses that he may have suffered. The Company has reviewed the Petition with counsel and believes that the grounds to Mr. Bruner's claims are without merit. The Company is required to file a response to the Petition within 21 days after service.