For immediate release.
PRESS RELEASE
MAG ONE ANNOUNCES NEW CFO
Vancouver, B.C., Canada – May 23, 2019 – Mag One Products Inc. (CSE: MDD) (the “Company” or “Mag One”) is pleased to announce that on May 22, 2019, the Company closed a non-brokered private placement of 8,310,000 units of the Company (each a “Unit”), at a subscription price of $0.10 per Unit, for total gross proceeds of up to $831,000.
Each Unit is comprised of one common share in the capital of the Company and one transferable common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.25 per common share for a period of one year from the date of issue. Upon the exercise of these warrants, the Company would receive an additional $2.08M in funds.
Insiders of the Company subscribed for 2,760,000 units.
Finder’s fees totalling $42,400 are payable to Haywood Securities Inc. and Rastika Investment Corp. The finder’s fees are payable in accordance with Canadian Securities Exchange (“CSE”) policies. The Company intends to use the net proceeds of the Private Placement for general corporate and working capital purposes.
All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance of the securities in accordance with applicable Canadian securities legislation.
On behalf of the Board, “Gillian Holcroft”, President and CEO.
Neither the Canadian Securities Exchange nor CNSX Markets accepts responsibility for the adequacy or accuracy of this news release.
About Mag One
For further information or questions respecting the Company kindly contact the Company via email at: info@MagOneProducts.com. Additional information can be found on the Company’s website at www.MagOneProducts.com or by viewing the Company’s filings at www.sedar.com.
Forward-Looking Information
Information
set forth in this press release may involve forward-looking statements. Forward-looking statements are statements that
relate to future, not past, events. In
this context, forward-looking statements often address a company’s expected
future business and financial performance, and often contain words such as “anticipate”,
“believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an
action or event “may”, “might”, “could”, “should”, or “will” be taken or occur,
or other similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other future events,
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following risks: risks associated with marketing and sale of
securities; the need for additional financing; reliance on key personnel; the
potential for conflicts of interest among certain officers or directors with
certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on
management’s beliefs, estimates and opinions on the date that statements are
made and except as required by law, the Company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and opinions or
other circumstances should change. Investors are cautioned against attributing
undue certainty to forward-looking statements.
For further information on risk,
investors are advised to see the Company’s MD&A and other disclosure
filings with the CSE regulators which are found at www.sedar.com.
THE FORWARD-LOOKING INFORMATION
CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS
OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER
SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.