Deal funds development work on Quebec magnesium production facilities
By Devika Patel
Knoxville, Tenn., July 13 – Mag One Products Inc. announced it plans a C$1 million private placement of units.
The company will sell 1 million units of one common share and one warrant at C$1.00 per unit.
Each warrant is exercisable at C$1.10 for two years. The strike price reflects an 8.33% discount to the July 12 closing share price of C$1.20.
Proceeds will be used for development work on the company’s magnesium production facilities in Quebec.
The magnesium producer is based in Vancouver, B.C.
| Issuer: | Mag One Products Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million
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| Units: | 1 million
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| Price: | C$1.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.10
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| Pricing date: | July 13
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| Stock symbol: | CSE: MDD
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| Stock price: | C$1.20 at close July 12
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| Market capitalization: | C$45.97 million
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