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MGX Renewables' placing brings in C$500,000 for working capital

MGXR is developing and commercializing a low-cost zinc-air battery

MGX Renewables -
The tech group revealed that it had sold over 8.3 million units at C$0.06 each

MGX Renewables Inc (CSE:MGXR) has brought in C$500,000 gross for working capital after closing its previously announced placing of shares.

The tech group revealed that it had sold over 8.3 million units at C$0.06 a throw.

Each unit consisted of one share and one transferable share purchase warrant.

The warrants can be exercised for two years at C$0.08 in the first year from issue and for C$0.12 for the rest of the term.

Two directors Michael Reimann and Dave Hodge took part in the financing by buying a total of more than 2.2 million units.

MGXR is developing and commercializing a low-cost zinc-air battery. This is a mass storage system, which it says offers both environmental and efficiency benefits.

Contact the author at [email protected]

Quick facts: MGX Renewables

Price: 0.18 CAD

CSE:MGXR
Market: CSE
Market Cap: $6.98 m
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