Western Magnesium Plans To Raise $3M Via Debt Offering

Western Magnesium Corp WMG MLYF plans a private placement of unsecured convertible notes of $3 million, strengthening its balance sheet as the company prepares to bring its commercial pilot plant on-line.
The offering of a 15% unsecured convertible debenture in the principal amount of $3 million will be convertible into shares of common stock for 18 months from the closing date at a price of $0.30.
Additionally, for every Conversion Share issued, one company class A common stock purchase warrant shall also be issued, exercisable at $0.40 for five years from the closing date.
Price Action: WMG shares are trading higher by 2.44% at C$0.42 on TSXV, and MLYF lower by 1.52% at $0.33 on the last check Monday.