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MGX Minerals poised to bring in $5mln in placing

Wednesday, March 1, 2017 9:07
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MGX Minerals Inc (CNSX:XMG) is set to bring in $5mln via a placing of special warrants.

Mackie Research Capital Corp has been engaged to to act as lead agent and sole bookrunner and the firm has also granted the agent to option to increase the size of the offering by up to an additional $750,000 of special warrants at any time up to 48 hours prior to the closing of the offering.

Each warrant can be exercised into one unit of the company, which will consist of one share and one share purchase warrant.

Each warrant will be exercisable into one share for two years following the closing of the offering, which is expected to take place on or about the week of March 27 this year.

In a separate announcement, the firm, which operates lithium, magnesium and silicon projects throughout British Columbia and Alberta as well as petro lithium exploration in Utah updated its portfolio.

It told investors  it had “significantly” expanded its Alberta petro lithium portfolio through the acquisition of additional metallic and industrial mineral permits (permits) covering over 133,000 hectares. It paid a fee of $9,375 to the Government of Alberta to acquire the permits.

The new permits are within the Leduc (9,216 hectares), Swan Hills (110,592 hectares) and Nipisi (13,824 hectares) formations, and in total, MGX now holds Alberta permits totalling more than 600,000 hectares.

The firm also has exploration level agreements in place with major oil and gas companies throughout the province to conduct well sampling.

Meanwhile, at the Lisbon Valley Petro Lithium project, MGX has also acquired, through staking, an additional 301 mineral claims encompassing 6,020 acres within the Paradox basin of southeastern Utah. As consideration it paid a fee of $19,565 to Plateau Ventures LLC

The new claims further increase the firm’s Lisbon Valley land package to 23,780 acres.

Story by ProactiveInvestors


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