CT DEVELOPERS LTD. ANNOUNCES RECEIPT OF CONDITIONAL APPROVAL AND FILES FILING STATEMENT AND TECHNICAL REPORT IN CONNECTION WITH QUALIFYING TRANSACTION WITH MAGNA MINING CORP.

March 31, 2021 – Vancouver, British Columbia (TSX-V: DEV.P). CT Developers Ltd. (“CT” or the “Company“) is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the “Exchange“) for the closing of its qualifying transaction (the “Qualifying Transaction“) pursuant to Policy 2.4 – Capital Pool Companies of the Exchange. The Company has filed a filing statement dated March 31, 2021, under the Company’s profile on SEDAR (www.sedar.com) disclosing details of the Qualifying Transaction (the “Filing Statement“).

 

The Company is also pleased to announce that it has filed an independent technical report (the “Technical Report“) for the Shakespeare Project in connection with the Qualifying Transaction. The Technical Report was prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. A copy of the Technical Report is available on the Company’s profile on SEDAR (www.sedar.com).

 

Further to its comprehensive press release dated February 11, 2021, the Company will acquire all of the issued and outstanding securities of Magna Mining Corp. (“Magna“) by way of a three-cornered amalgamation (the “Amalgamation“),whereby Magna will amalgamate with a wholly-owned subsidiary of the Company and, pursuant thereto, all of the common shares of Magna (the “Magna Shares“) will be cancelled and the Company will issue 1.625 common shares of the Company (the “CT Shares“) in consideration for each such Magna Share so cancelled (the “Exchange Ratio“). In addition, each convertible, exchangeable, or exercisable security of Magna shall be exchanged for a convertible exchangeable, or exercisable security, as applicable, of the Company on substantially the same economic terms and conditions as the original convertible, exchangeable or exercisable security of Magna based on the Exchange Ratio. Immediately prior to the Amalgamation, the Company expects to complete a consolidation (the “Consolidation“) on the basis of 4 pre-Consolidation CT Shares for each post-Consolidation CT Share and change its name to “Magna Mining Inc.” Upon completion of the Qualifying Transaction, the Company will carry on the mineral exploration business of Magna with Magna as its wholly‐owned, operating subsidiary. It is expected that that the Company will meet all of the minimum listing requirements of the Exchange for a Tier 1 mining issuer and that the CT Shares will resume trading under the symbol “NICU”. Additional information regarding the Qualifying Transaction can be obtained from the Filing Statement.

 

The Qualifying Transaction is scheduled to close at the end of April 2021, but remains subject to various closing conditions, including, but not limited to, approval of the Exchange. In accordance with the policies of the Exchange, the CT Shares are currently halted from trading and will remain halted until further notice. The Company will issue a further comprehensive press release announcing closing of the Qualifying Transaction and the date on which trading in the CT Shares will resume in due course.

 

For further information, please contact:

 

CT Developers Ltd.

Norm Eyolfson, CEO

416.884.8601

n.eyolfson@gmail.com

Magna Mining Corp.

Jason Jessup, CEO

Jason.jessup@magnamining.com