MGX Minerals Announces Site Scoping Study Underway for BC Silicon Project; Provides Update on Return to Trade
VANCOUVER, May 6, 2022 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG) (CNXS:XMG.CN) (FKT:1MG) (OTC:MGXMF) announces it has identified a number of sites in proximity to its Kootenay silicon properties and is evaluating the primary requirement of available power in support of its proposed silicon furnace operations. The Company is working closely with local First Nations to achieve goals of both shareholders and local stakeholders in regard to an appropriate site. Capital requirements and basic equipment cost have been identified to be as low as $3M USD for a test plant separate from the proposed high efficiency large scale plant proposed by Metso Autotec which is in the $100M range. The Company continues to work diligently to evaluate the cost benefit of traditional small scale equipment versus advanced large scale equipment. SIte visits are expected May 12-15th and a premlinary site and design decision is expected shortly thereafter. The following updates to the Cease Trade Order ("CTO") issued by the British Columbia Securities Commission ("BCSC") in connection with the Company's filing of its audited annual financial statements and MD&A for the financial year ended July 31, 2021.
The Company has appointed Mr. Mo Ahmad of Westmark Tax as Corporate Accountant. Mr. Ahmad has over 17 years of experience as the founder of Westmark Tax. Prior to founding Westmark, Mr. Ahmad had over 12 years with Ernst & Young and other Big Four accounting firms. Mr. Ahmad has an undergraduate degree in managerial accounting from Wilfred Laurier University, an economics degree from the University of Western Ontario, and a law degree from the University of Toronto. Mr. Ahmad is a member of the Law Society of Upper Canada.
The Company has identified a new CFO and expects to conclude employment negotiations shortly.
The Company also advises that its auditor SHIM & Associates LLP (the "Auditor") remains the same.
Additionally, the Company notes that:
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TheCompanywasrequiredtofileitsJuly31,2021auditedannualfinancialstatements, management's discussion and analysis andthe applicable CEO andCFO certifications inrespect of suchfilings (collectively the AnnualFilings")all in accordance with IFRS by November 29, 2021 (the Filing Deadline"), asrequired pursuant to NI 51-102. The Company has not been able tocompleteits AnnualFilingsonor beforetheFilingDeadline. Primarily due to unforeseen incompatibility berween accounting software platforms used by previous and current accountants.
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The Company, along with its new Corporate Accountant and its Auditor are working diligently to prepare and file the Annual Filings.
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There is no other material information concerning the affairs of the Company that has not been disclosed.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in advanced and precious metals.
Contact Information:
Andris Kikauka
Chief Executive Officer
andris@mgxminerals.com
604 373 8565
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. All statements, other than statements of historical fact, included herein are forward?looking information. Forward-looking information in this press release include, but are not limited to, statements with respect to holding the postponed Meeting, and the filing of an amended notice of meeting and record date for the postponed Meeting. Forward-looking information is generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "asserts", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
The Company's forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the ability to host the postponed Meeting at a later date, and the ability to find a suitable location which can accommodate an in-person shareholders' meeting. 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 risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets. 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. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.
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