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MGX Minerals brings in $1.811mln from rights issue

Thursday, September 22, 2016 8:25
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(Before It's News)

MGX Minerals Inc (CSE:XMG, OTC:MGXMF) has raised around  $1.811 men from a rights issue, which has now closed.

More than 10mln units were  distributed at 18 cents each, with each unit consisting of one common share and half a purchase warrant.

Each warrant is exercisable into a share at 20 cents per share for two years.

MGX operates lithium, magnesium and silicon projects throughout British Columbia and Alberta.

In January, it received a 20-year mining lease for its Driftwood Creek magnesium project and recently released a maiden NI 43-101 resource estimate for the site, which outlined eight million tonnes grading 43.31 per cent magnesium oxide.

The firm recently bought the advanced-stage Sturgeon Lake lithium brine project in west-central Alberta, increasing its lithium brine land position to over 376,000 hectares in the province.

Story by ProactiveInvestors

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