Western magnesium Company shuts down non-brokerage private placement

Western magnesium Corporation (Toronto Stock Exchange symbol: WMG; Frankfurt-M1V; over-the-counter market symbol: MLYF) ("Western magnesium" or "Company") announces the closure of its previously announced non-brokerage private placement (see press release dated November 8, 2021). The company traded 1375499 units at a price of $0.55 per unit, with a total revenue of $756524.

Each unit includes a common stock in the capital of Western magnesium Company ("common stock") and a common stock purchase warrant ("warrant"). Each warrant can be exercised as a common share at a price of $0.75 per share within one year.

The completion of the private placement and the payment of any commissions and fees are still subject to all necessary approvals, including those of the TSX Venture Exchange. The securities issued will be subject to the statutory holding period in Canada for a period of four months and one day from the closing date. These securities are not yet registered with the Securities and Exchange Commission and are subject to the statutory one-year holding period of Regulation S of the Securities Act 1933 as amended. The holding period of Rule S replaces the holding period of the TSX Venture Exchange. The proceeds from the private placement will be used as working capital and its commercial pilot plant will be completed.