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MGX closes C$6.8M fundraising

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MGX closes C$6.8M fundraising

MGX Minerals Inc. said Dec. 21 that it closed the final tranche of its previously announced non-brokered private placement financing.

The second tranche generated gross proceeds of about C$3.6 million by issuing 5,008,384 flow through units at 65 Canadian cents per unit and 591,667 non-flow through units at 60 cents per unit to raise total proceeds under the offering of about C$6.8 million.

Each non-flow through unit is comprised of one share and one share purchase warrant, while each flow-through unit is comprised of one share and one-half of a share purchase warrant.

The flow through unit proceeds will be used for mineral exploration on the company's projects in Canada including the Driftwood magnesium project, Fran gold project, Ren niobium-titanium project and multiple silicon projects.

The non-flow though unit proceeds are expected to be used for advancement of the company's global water treatment and lithium assets, including continued investment into extraction equipment and PurLucid, property payments, additional acquisitions, engineering studies, permitting activities and for general working capital.