Press Release: October 11, 2024 4:12 PM EDT
Sudbury, Ontario–(Newsfile Corp. – October 11, 2024) – An exploration and development company, Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) is pleased to announce an increase in the size of its best-efforts private placement offering to gross proceeds of up to approximately $19 million. The offering is being co-led by a syndicate of agents, including Desjardins Capital Markets and SCP Resource Finance LP.
Under the amended terms, the agents will offer for sale up to 18,095,200 common shares of the Corporation, with an option to sell up to an additional 2,714,280 shares for additional gross proceeds of up to approximately $2.85 million. The net proceeds from the offering will be used to advance existing Sudbury projects and for general corporate purposes.
The Corporation has agreed to pay the agents a commission based on the gross proceeds of the offering. The closing of the offering is expected on or about October 31, 2024, subject to certain conditions including regulatory approvals.
About Magna Mining Inc.
Magna Mining is focused on nickel, copper, and PGM projects in the Sudbury Region of Ontario, Canada. The Corporation’s flagship assets include the Shakespeare and Crean Hill Mines. Additional information about the Corporation is available on SEDAR and the Corporation’s website.
Cautionary Statement
This press release contains forward-looking information based on reasonable assumptions and estimates at the time of release. Actual results may differ from the forward-looking information due to various factors. The Corporation does not undertake to update or revise any forward-looking statements.
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To view the source version of this press release, please visit the Magna Mining Inc. website
