Western Magnesium Corporation announced a non-brokered private placement of 21,428,571 units at an issue price of $0.07 per unit for the gross proceeds of $1,500,000 on February 10, 2023. Each unit consists of one common share and one common share purchase warrant at a price of $19. Each warrant will be exercisable into one common share for a period of one year.

The completion of the transaction and payment of any commission and fees remain subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing