Market Overview

Mag One Closes First Tranche and grants Stock Options

Share:

Tickers: XCNQ:MDD, XOTC:MGPRF, PINX:MGPRF
Tags: Mining

VANCOUVER, B.C. / TheNewswire / 14 September 2017 - MAG ONE PRODUCTS INC., ("Mag One" or the "Company") announces that it closed a first tranche of its financing, initially announced June 27, 2017 (the "Financing"). The Company received price protection for the Financing from the CSE on August 9, 2017, for a further 45 days.

The first tranche of the Financing raised an aggregate amount of $973,812 via the sale of 4,869,060 units at a price of $0.20 per unit. Each unit is comprised of one common share plus one share purchase warrant, exercisable for one year from Close at a price of $0.50 per share. Securities issued through this Financing are subject to a statutory four-month hold period and may be subject to CSE approval. Finder's fees will be payable on the full Financing.

Mag One will use the proceeds of this Financing for working capital for its Pilot Plant I and Magboard Products projects.

In addition, the Company has granted 4 Million stock options exercisable at $0.30 for a two year period. These options are offered to qualified optionees as an incentive, pursuant to the Company's Stock Option Plan. The options vest on the date of the grant.

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 Quebec, Canada.

  1. I.Production of high-purity MgO, Silica and other saleable co-products, byproducts and compounds.

  2. II.Production of 99.9% pure Mg ingots.

  3. III.Assembly and sale of magnesium oxide-based structural insulated sheathing panels.

  4. 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.

Gillian Holcroft, Eng., M.Eng., President and Director of Mag One Products Inc., is the Company's designated qualified person for this press release, and has reviewed and validated the information contained in it.

Signed: "Gillian Holcroft, Eng., M.Eng."

President and Director

www.MagOneProducts.com

For further information or questions kindly contact the Company via email: info@MagOneProducts.com

Mag One is listed on the CSE with the symbol, "MDD", the Borse Frankfurt stock exchange ("Frankfurt") with the ticker symbol "304" and the OTCQB with ticker symbol "MGPRF". Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. This release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This news release does not constitute an offer of securities for sale in the United States. The Frankfurt Boerse, OTQ Markets Group Inc., CSE, or CNSX Markets have not reviewed this news release and does not accept responsibility for the adequacy or accuracy of the content of this news release. Issuers of news releases. are solely responsible for the accuracy of such news releases. For further information on risk, investors are advised to see the Companies MD&A and other disclosure filings with the CSE regulators which are found at www.sedar.com.

Copyright (c) 2017 TheNewswire - All rights reserved.

View Comments and Join the Discussion!