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Western Magnesium raising US$5M through private placement

Western Magnesium Corp. outlined plans to raise US$5 million to fund its growth strategy and ongoing operations, through a nonbrokered private placement with a U.S.-based private investment firm.

The company said Sept. 12 that the offering will be priced at 25 cents per share, with warrants exercisable at 42 cents apiece for two years, subject to final approval from the TSX Venture Exchange.

Western Magnesium is focused on developing an eco-friendly process to produce magnesium.