On June 3, 2022, Western Magnesium Corporation closed the transaction. The company issued 2,467,000 units for gross proceeds of $616,750 in the transaction. The company issued 740,000 units for gross proceeds of $185,000 in its final tranche.

The company will issue warrant to purchase 2,467,000 shares of the company. The warrants will be exercisable at a price of $0.45 per share for a one-year period from the closing date. The transaction included participation from 13 placees.

The completion of the transaction and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.