Magna Mining Announces Upsize to Previously Announced Private Placement
Magna Mining Announces Upsize to Previously
Announced Private Placement
Sudbury, Ontario--(Newsfile Corp. - February 6, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB:
MGMNF) (FSE: 8YD) (the "
Company
") is pleased to announce that the Company and a syndicate of
agents co-led by SCP Resource Finance LP ("
SCP
") and Desjardins Capital Markets (together with
SCP, the "
Agents
") have agreed
to increase the size of its previously announced "best efforts" private
placement offering of unsecured convertible debentures (the "
Debenture Offering
").
The Debenture Offering has been upsized from up to C$15 million aggregate principal amount of
unsecured convertible debentures ("
Convertible Debentures
") to up to C$22 million of Convertible
Debentures.
The Convertible Debentures will be issued in ordinary multiples of C$1,000, less an original issue
discount (an "
OID
") of 2% of the principal amount of the Convertible Debentures. Concurrent with the
Debenture Offering, the Company previously announced a "best efforts" private placement offering of up
to 6,451,612 common shares of the Company (the "
Common Shares
" and, together with the
Convertible Debentures, the "
Offered Securities
") at a price of C$1.55 per Common Share for
aggregate gross proceeds of up to C$10 million (together with the Debenture Offering, the "
Offering
").
In addition, the Company has granted the Agents an option to increase the Offering by up to 15% of the
number of Offered Securities, exercisable by the Agents, in whole or in part, at any time up to three
business days prior to the closing of the Offering.
The Company intends to use the net proceeds of the Offering to advance the Company's Sudbury
projects and for general corporate and working capital purposes.
The Offering is expected to close on or about February 27, 2025 and remains subject to satisfaction of
certain conditions, including the receipt of all necessary corporate and regulatory approvals, including
the approval of the Exchange. All securities issued under the Offering will be subject to a hold period
under applicable Canadian securities laws 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 Company'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 180km
2
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 Company is available on SEDAR (
www.sedarplus.ca
) and on the Company's
website (
www.magnamining.com
).
For further information, please contact:
Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
705-482-9667
Email:
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian
securities legislation that is based on expectations, estimates, projections, and interpretations as at the
date of this news release. Any statement that involves discussions with respect to predictions,
expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects", or "does not expect", "is expected",
"interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur
or be achieved) are not statements of historical fact and may be forward-looking information and are
intended to identify forward-looking information, including statements in respect of the timing and ability
of the Company to complete the Offering within the proposed timeline; the use of proceeds in connection
with the Offering; the ability to obtain all necessary corporate and regulatory approvals, including the
approval of the Exchange in connection with the Offering; and the ability to satisfy
all conditions to the
closing of the Offering. This forward-looking information is based on reasonable assumptions and
estimates of management of the Company, at the time it was made, involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of the
companies to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking information. Although the forward-looking information contained in this
news release is based upon what management believes, or believed at the time, to be reasonable
assumptions, the parties cannot assure shareholders and prospective purchasers of securities that
actual results will be consistent with such forward-looking information, as there may be other factors that
cause results not to be as anticipated, estimated or intended, and neither the Company nor any other
person assumes responsibility for the accuracy and completeness of any such forward-looking
information. The Company does not undertake, and assumes no obligation, to update or revise any such
forward-looking statements or forward-looking information contained herein to reflect new events or
circumstances, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release. No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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