On January 31, 2023, Western Magnesium Corporation closed the transaction. On the same date, the company issued 903,545 units at an issue price of $0.08235672 for gross proceeds of $74,413 in its final tranche closing. The closing of the final tranche is subject to final approval by the TSX Venture Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to the non-brokered private placement. The transaction included participation from 10 placees.