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The Small Cap Network has followed the progress of MGX Renewables, now doing business as Zinc8 Energy Solutions (CSE: MGXR), for a couple of months now since it was spun off from another company and listed on a Canadian stock exchange. Since then, the small cap has made enough progress to warrant a full update for current and potential investors. 

INVESTMENT SUMMARY 

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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BRITISH COLUMBIA / September 19th, 2019 / MGX Renewables Inc. dba Zinc8 Energy Solutions (“Zinc8” or the “Company”) is pleased to provide this corporate update.

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While lithium batteries are now ubiquitous and have many important applications, there have long been concerns over the risk of fire or even an explosion if they are mishandled. Likewise, lithium batteries come with other concerns such as high costs for long duration energy and limitations due to the size and number of electrodes (which store the energy) – meaning they are not always the best method to store energy for larger scale applications. 

Entersmall cap MGX Renewables (CSE: MGXR) and its MGXR Energy Storage System – a non-lithium based energy storage system that offers a better solution than lithium based batteries for a wide range of energy storage applications. 

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VANCOUVER, BC / ACCESSWIRE / September 11, 2019 / MGX Renewables Inc. (“MGXR” or the “Company”) (CSE:MGXR) (FSE:0E9) is pleased to announce that it has closed its offering of units for gross proceeds of $500,000 (rounded) on the sale of 8,333,329 units at $0.06 per unit, as originally announced on August 27, 2019. Each unit consists of one common share and one transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of $0.08 in the first year from the date of issuance and at a price of $0.12 for the balance of the term. All securities issued under the private placement have a hold period of 4 months and one day from closing. The financing proceeds will be used for the Company’s working capital.

Michael Reimann and Dave Hodge, directors of the Company participated in the offering by purchasing an aggregate of 2,283,333 units. Accordingly, the offering constitutes a related-party transaction under Multilateral Instrument 61-101. Because the Company’s shares trade only on the Canadian Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(b) of MI 61-101. These directors had no knowledge of any material information concerning the Company that had not been generally disclosed. After giving effect to the offering 47,123,529 common shares are outstanding. Michael Reimann’s aggregate ownership in the Company is approximately 1.479 (undiluted) of the Company’s issued and outstanding shares and Dave Hodge’s aggregate ownership in the Company is approximately 4.79% (undiluted) of the Company’s issued and outstanding shares.

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Cleaning up the environment and an industry like mining where not so environmentally friendly practices were often widely used in the past (and sometimes continue to be used to this day in developing countries) does not have to cost significant amounts of money. In fact and with the right cleantech technology, it can be a profitable win-win scenario for all stakeholders involved e.g. the miners, the government (aka taxpayers), local residents, the environment itself and of course the venture with the right technology facilitating the cleanup. 

Small cap BacTech Environmental Corporation (CSE: BAC; OTCMKTS: BCCEF)is one such venture with a cleantech solution that can not only cleanup contaminated mining sites, it can also extract valuable ore from otherwise contaminated mining concentrates. The Company is now undertaking test programs in Ecuador that could ultimately be profitably replicated in countries around the world facing similar problems in their mining sectors.