(TheNewswire)

NOT FOR DISTRIBUTION TO UNITED STATES
NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

WASHINGTON, D.C. – TheNewswire
– November 16, 2022 –




Western Magnesium
Corporation




(TSXV:WMG


)


;


(


Frankfurt-3WM


)


;


(


OTC:MLYF) (“Western
Magnesium” or the “Company”)


announces a
non-brokered private placement for gross proceeds of up to USD
$1,000,000.00 (the “Offering”).

The Offering

The Offering is for up to 11,111,111 units at a price
of USD 0.09 per unit (the “Units”) for gross proceeds of up to USD
$1, 00,000.00. Each Unit will consist of one common share in the
capital of Western Magnesium (the “Common Shares”) and one
common share purchase warrant (the “Warrants”). Each Warrant
will be exercisable into one Common Share for a period of twenty-four
(24) months at a price of USD $0.18.

The completion of the private placement and payment of
any commission and fees remains subject to the receipt of all
necessary approvals, including the final approval of the TSX Venture
Exchange.  The securities issued will be subject to a statutory hold
period in Canada for a period of four months and one day from the
closing date. The securities have not been registered with the SEC and
are also subject to a statutory one-year hold period in compliance
with Regulation S of the Securities Act of 1933 as amended.  The
Regulation S hold period supersedes the TSX Venture Exchange hold
period. Proceeds of the private placement will be used for working
capital and to complete our commercialized pilot plant.

THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE
CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING
IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE
SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE
UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE
EXEMPTION FROM REGISTRATION REQUIREMENTS.

About Western Magnesium

Western Magnesium’s goal
is to be a low-cost producer of green, primary magnesium metal, a
strategic commodity prized for its strength and


light weight.


Unlike outdated and
costly production processes, Western Magnesium looks to use a
continuous silicothermic process to produce magnesium, which
significantly reduces labor and energy costs relative to current
methods and processes, while being environmentally friendly.

Investor Relations


:

John Ulmer |




[email protected]




| (604)
423-2709

Safe Harbor Statement

This news release contains
statements that involve expectations, plans or intentions (such as
those relating to future business or financial results) and other
factors discussed from time to time in the Company’s Securities and
Exchange Commission filings. These statements are forward-looking and
are subject to risks and uncertainties, so actual results may vary
materially. You can identify these forward-looking statements by words
such as “may,” “should,” “expect,”
“anticipate,” “believe,” “estimate,”
“intend,” “plan” and other similar expressions.
Our actual results could differ materially from those anticipated in
these forward-looking statements as a result of certain factors not
within the control of the Company. The Company cautions readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. The Company disclaims any obligation
subsequently to revise any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.

This news release does not
constitute an offer to sell or a solicitation of an offer to buy any
of the securities described in this news release.  Such securities
have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws, and, accordingly, may not be offered or
sold within the United States, or to or for the account or benefit of
persons in the United States or “U.S. Persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.

Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.

For additional information please
visit our website at




www.westmagcorp.com

View our profile on



SEDAR

NOT FOR DISTRIBUTION TO UNITED STATES
NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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