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.
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Story by ProactiveInvestors
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