MGX Minerals to List Warrants; Address Chairman's Compensation
Vancouver, May 18, 2018 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) announces it is unifying the expiry date of common share purchase warrants issued in multiple tranches of its private placement financing from December 2017 (the "Private Placement"). As a result, 3,092,192 warrants having an expiry date of December 8, 2020 and 4,079,000 warrants issued on December 20, 2020, will be amended to have an expiry date of December 27, 2020. In total there were 9,900,454 warrants issued under the Private Placement, which have an exercise price of $1.15 and will now have the same expiry date of December 27, 2020. The Company also announces that Chairman Marc Bruner has filed a Petition against the Company in British Columbia Supreme Court on Wednesday, May 16, 2018. Mr. Bruner is seeking a declaration that the Company was unfairly prejudicial and acted in bad faith by withholding shares that he alleges were owed to him and an order to direct the Company to issue the shares and to compensate him for any losses that he may have suffered. The Company has reviewed the Petition with counsel and believes that the grounds to Mr. Bruner's claims are without merit. The Company is required to file a response to the Petition within 21 days after service.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
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