Magna Mining upsizes share raise for Sudbury Crean Hill project
Magna Mining Inc. is pleased to announce that the Corporation and a syndicate of agents (the "Agents") co-led by Desjardins Capital Markets ("Desjardins") and SCP Resource Finance LP ("SCP", and together with Desjardins, the "Bookrunners") have agreed to increase the size of its previously announced best-efforts private placement offering from approximately $15 million to gross proceeds of up to approximately $19 million (the "Offering"). Pursuant to the amended terms of its agreement with the Bookrunners on behalf of the Agents, the Agents will offer for sale, on a best-efforts private placement basis, up to 18,095,200 common shares of the Corporation (the "Securities").
The Agents will have an option, exercisable up to 48 hours prior to the closing of the Offering, to sell up to 2,714,280 additional Securities at the Offering Price for additional gross proceeds of up to approximately $2.85 million.
The Corporation intends to use the net proceeds of the Offering to advance its existing Sudbury projects and for general corporate purposes.
The Corporation has agreed to pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering other than in respect of sales to those purchasers on the President's List in which case a commission of 3.0% shall be payable.
The Offering is expected to close on or about October 31, 2024 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange. The securities issued under the Offering will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the Offering.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Magna Mining Inc.
Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Corporation's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Additional information about the Corporation is available on SEDAR (www.sedar.com) and on the Corporation's website (www.magnamining.com).
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