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Western Magnesium announces $100,000 convertible note financing

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Western Magnesium Corporation (CVE:WMG) (OTCQB:MLYF) said it will conduct a non-brokered private placement of convertible notes amounting to C$100,000.

The notes will bear interest at 12% per year with a maturity date of one year following the closing.

Each note is convertible into shares of the New York-based company at $0.12 per share.

READ: Western Magnesium closes fifth and final tranche of previously announced non-brokered private placement

Any unpaid interest thereon is convertible into shares at $0.12 and will have warrants exercisable for a two-year period at $0.20.

Western Magnesium aims to be a low-cost producer of primarily magnesium metal, a green, strategic commodity that is both strong and lightweight.

The company uses a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/948298/western-magnesium-announces-100000-convertible-note-financing-948298.html


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