viewZinc8 Energy Solutions

MGX Renewables to raise working capital through $500,000 private placement

The placement will consist of up to 8,333,334 units at a price of $0.06 per share, with each unit consisting of a share and one transferable warrant

MGX Renewables - MGX Renewables to raise working capital through $500,000 private placement
MGX Renewables also said it added has finance expert David Hodge to its board

MGX Renewables Inc (CSE:MGXR) announced Tuesday that it has arranged a non-brokered private placement for proceeds of up to $500,000.

The private placement will consist of up to 8,333,334 units at a price of $0.06 per share. Each unit consists of a share and one transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of $0.08 in the first year from the date of issuance and at a price of $0.12 for the balance of the term.

In its statement, the company said the proceeds will be used for working capital.

The company also said it has appointed finance expert David Hodge to the company’s board. Hodge has always been interested in mining and rare earth elements.

MGX Renewables, which listed on the CSE at the end of July after a spin-out from MGX Minerals Inc.(CSE:XMG), has developed a patented zinc-air flow battery technology, called the MGXR energy storage system.

The system is flexible and can be used in a range of applications, which include renewables storage, such as wind, solar and tidal, commercial and industrial backup applications, which could replace diesel generators, grid-scale energy storage and industrial-scale on-demand power.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

Quick facts: Zinc8 Energy Solutions

Price: - -

Market: CSE
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Zinc8 Energy Solutions named herein, including the promotion by the Company of Zinc8 Energy Solutions in any Content on the Site, the Company...


Full interview: Zinc8 Energy Solutions signs deal with New York Power Authority

Zinc8 Energy Solutions (CSE: MGXR) CEO Ron MacDonald chatted with Steve Darling from Proactive Vancouver to share news the company has announced an agreement with The New York Power Authority to use the Zinc-Air Energy Storage System in New York State.            ...

on 23/1/20

2 min read