Mag One Closes 2nd Tranche of $1.5M Non-Brokered Private Placement
VANCOUVER, B.C. 28 September 2017. MAG ONE PRODUCTS INC., (“Mag One” or the “Company”) has Closed the Second Tranche of its Private Placement financing.
To date, a total of 7,775,000 units have been subscribed for, resulting in a grand total (for the two tranches) of $1,555,000. raised.
As mentioned in the last Press Release, the First Tranche Closed on 14 September 2017 with 4,869,060 units resulting in net proceeds of $973,812. This Second Tranche 2,905,940 units resulted in net proceeds of $581,188.00. Both tranches were at $0.20/unit and each unit includes a full warrant to purchase a common share at $0.50 with a two-year expiration date. Securities issued as a result of this Financing are subject to a statutory hold period and may be subject to CSE approval.
The funds will be used to further advance Mag One’s high purity magnesia and silica Pilot Plant as well as engaging key staff to further the commercialization of the Magboard Products Inc., assembly facility in Eastern Canada.
Mag One Products Inc. is a company that aims to be the diamond standard in the magnesium (Mg) market by concentrating on four projects at its manufacturing plant site in southern Québec, Canada.
I. Production of high-purity MgO, Silica and other saleable co-products, byproducts and compounds.
II. Production of 99.9% pure Mg ingots.
III. Assembly and sale of magnesium oxide-based structural insulated sheathing panels.
IV. MagPower’s Mg-Air Fuel Cell for emergency power on sea and land.
Key advantages that these four projects share are Mag One’s advanced technologies, a modular processing plant expansion concept, and the Company’s easy access to tonnes of serpentinite tailings.
Signed: “Nelson M. Skalbania”
CEO & Chairman
For further information or questions kindly contact the Company via email: info@MagOneProducts.com