Press Release

VANCOUVER, BC / September 11, 2019MGX 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.

Contact Information

Ron MacDonald
CEO & President
Telephone: 1.604.623.2667

Patrick Butler
Corporate Development
Telephone: 1.604.558.1406 ext. 5

About Zinc8 Energy Solutions

Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.

Forward-Looking Information

This news release contains certain statements or disclosures relating to Zinc8 that are based on the expectations of its management as well as assumptions made by and information currently available to Zinc8 which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Zinc8 anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements.

Zinc8 believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: our technology may not work as well as expected in commercial applications, our costs may not reduce as much as expected on large storage uses, general economic, market and business conditions; increased costs and expenses; and certain other risks detailed from time to time in Zinc8 public disclosure documents including, without limitation, those risks identified in this news release, copies of which are available on MGXR's SEDAR profile at Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.

The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the CSE nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.