MGX Minerals Inc. (TSXV:XMG) announced that it has closed the third and final tranche of a non-brokered private placement, issuing 466,310 common shares at a price of $0.25 per share for a total of $116,577.50.
As quoted in the press release:
The first tranche of the private placement closed February 6, 2015 and raised a gross proceeds of $127,008.25, pursuant to which the Company issued 508,033 common shares, and the second tranche closed March 25, 2015, and raised $83,333.25, pursuant to which the Company issued 333,333 common shares, bringing the total proceeds raised to $326,919 for the issuance of 1,307,676 common shares.
The private placement was initially announced on October 30, 2014 (see press release dated October 30, 2014), approving an offering of up to 1,000,000 common shares. The Company has exceeded the offering amount and exercised an overallotment of 307,676 common shares for the excess subscriptions.
The proceeds generated from the private placement will be used towards the development of the Company’s magnesium and industrial mineral properties, for general working capital purposes and to settle a portion of outstanding debt.