MGX Minerals Inc (CSE:XMG, OTCQB:MGXMF) says it has raised C$4.079mln after closing the second and final tranche of a previously announced placing
The total amount brought in via the offering was C$7.137mln gross and the funds will be used to advance its Canadian projects and its magnesium and lithium interests, as well as for working capital.
In the latest tranche, the group issued 4.079mln units at C$1.00 each for gross proceeds of C$4.079mln.
Each unit consisted of a company share and one transferable common share purchase warrant, which entitles the holder to acquire one share for C$1.15 for 36 months from closing.
The offering was made concurrently with a private placing of flow through units - of which a second and final tranche is also expected to close this week.