Home Company News MGX Minerals files preliminary prospectus for units

MGX Minerals files preliminary prospectus for units

MGX Minerals files preliminary prospectus for units

MGX Minerals files preliminary prospectus for units

 2017-06-16 17:55 ET – News Release

Mr. Jared Lazerson reports


MGX Minerals Inc. has filed a preliminary short-form prospectus in each of the provinces of British Columbia, Alberta and Ontario, to qualify the distribution of 6,253,842 units of the company and the common shares and warrants underlying such units issuable for no additional consideration upon the exercise or deemed exercise of 6,253,842 special warrants of MGX. The special warrants were issued in connection with the previously announced private placement offerings, which closed on May 12, 2017, and May 31, 2017. The special warrants were sold at a price of 90 cents per special warrant, for aggregate gross proceeds of approximately $5.6-million.

In accordance with the terms of an amended and restated agency agreement entered into by the company and Mackie Research Capital Corp., the agent received a cash commission equal to 8.5 per cent of the aggregate gross proceeds from the offering, as well as rights to receive compensation options in an amount equal to 8.5 per cent of the number of special warrants sold under the offerings. The prospectus also qualifies the distribution of the compensation options to the agent upon the exercise or deemed exercise of such rights. The compensation options are exercisable at any time until May 12, 2019. Each compensation option entitles the holder to purchase one unit at the issue price. In the event that the company does not satisfy the qualification condition (as defined below) on or before the qualification deadline (as defined below), the compensation options will be exercisable for 1.1 units.

Pursuant to the terms of the agency agreement, the company has agreed to use its best efforts to obtain a receipt for a final short-form prospectus qualifying the distribution of the units upon exercise of the special warrants on or before June 26, 2017. If the qualification condition is not satisfied before the qualification deadline, each special warrant shall become exercisable, without any action on the part of the holders of the special warrants, and for no additional consideration, to receive 1.1 units. Prior to the satisfaction of the qualification condition, the special warrants and the common shares and warrants comprising the units will be subject to a statutory hold period for four months and one day from the date of closing of the applicable offering.

For more information on the offering, please refer to the prospectus, as well as the company’s news releases, dated March 1, 2017, May 12, 2017, and May 31, 2017, available on the company’s profile on SEDAR and at the company’s website.

About MGX Minerals Inc.

MGX is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in Western Canada and the United States. The company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta, as well as petro-lithium exploration in Utah.

We seek Safe Harbor.

© 2017 Canjex Publishing Ltd. All rights reserved.


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