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MGX Minerals raising up to C$12M for exploration, project development

MGX Minerals Inc. said June 5 that it intends to complete two nonbrokered private placements to raise up to C$12 million in proceeds.

The company plans to offer up to 6,370,000 nonflow through units at C$1.10 apiece to raise C$7 million. Each unit will consist of one share and one share purchase warrant, while each whole warrant will be exercisable to acquire an additional share for C$1.20 for a period of 36 months from closing.

Concurrently, MGX will offer up to 4,350,000 flow-through units at C$1.15 apiece, to raise about C$5 million. Each unit will consist of one share and half of a share purchase warrant, with each whole warrant entitling holder to acquire an additional share on the same terms as the nonflow through warrants.

Proceeds from the flow-through financing will be used for exploration expenses on the company's Canadian projects, while funds from the nonflow through financing will be used to advance its lithium and magnesium assets.

Both placements are expected close on or about the week of June 18.

Additionally, the company determined June 29 as the record date for the proposed distribution of a one-time dividend comprising shares of its ZincNyx Energy Solutions Inc. unit. The company expects to issue dividend shares totaling 25% to 40% of its holdings in ZincNyx to shareholders.