Western Magnesium Corporation announced a non-brokered private placement of 11,111,111 units at a price of $0.09 per unit for gross proceeds of $1,000,000 on November 16, 2022. Each Unit will consist of one share in the common share and one share purchase warrant, with each warrant entitles the holder to purchase one common share for a period of twenty-four months at a price of $0.18. The completion of the transaction and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.

The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing date. The company will issue securities pursuant to exemption provided under Regulation D.