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MGX Minerals raises C$7.1M to advance lithium, magnesium assets

MGX Minerals Inc. completed a two-tranche, nonbrokered private placement for C$7.1 million in proceeds, it said Dec. 21.

The company issued an aggregate of 7,137,000 units at C$1 apiece.

Each unit consists of 1 common share and 1 share purchase warrant, while each whole warrant is exercisable to acquire an additional share at C$1.15 for a period of 36 months from closing.

The proceeds will be used to advance the company's lithium and magnesium assets, property payments and additional acquisitions, engineering studies, permitting activities and for general working capital.