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]