Magna Mining Closes Final Tranche of Non- Brokered Private Placement
Magna Mining Closes Final Tranche of Non-
Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - November 3, 2021) - Magna Mining Inc. (TSXV: NICU) ("
Magna
" or
the "
Company
")
is pleased to announce, further to its press releases dated September 29, 2021,
October 22, 2021 and October 28, 2021, that it has closed the final tranche of its previously announced
non-brokered private placement (the "
Offering
"), pursuant to which the Company sold an aggregate of
1,107,800 flow-through common shares at a price of $0.45 per share, for aggregate gross proceeds of
$498,510. Together with the first tranche of the Offering, the Company sold an aggregate of 6,996,700
flow-through common shares under the Offering for aggregate gross proceeds of $3,148,515.
The gross proceeds of the Offering will be used to fund advancement of Magna's exploration activities at
its mineral projects located in the Sudbury region of Ontario, through the incurrence of expenses that are
eligible "Canadian Exploration Expenses" which will also qualify as "flow-through mining expenditures"
within the meaning of subsection 127(9) of the
Income Tax Act
(Canada) and, for subscribers resident
in Ontario, will be eligible for the 5% Ontario Focused Flow-Through Share Tax Credit pursuant to the
Ontario
Taxation Act
.
Haywood Securities Inc. ("
Haywood
") acted as a finder in connection with the final tranche of the
Offering. In consideration for acting as a finder in connection with the final tranche, the Company issued
74,777 common shares to Haywood at a deemed price of $0.40 per share.
The securities issued in connection with the closing of the final tranche of the Offering are subject to a
hold period under applicable Canadian securities laws which will expire on March 4, 2022. The Offering
is subject to the final acceptance of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and
may not be offered or sold within the United States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
About Magna Mining Inc.
Magna is an exploration and development company focused on sulphide nickel, copper and PGM
projects in the Sudbury region of Ontario, Canada. The Company's flagship asset is the past producing
Shakespeare Mine, 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.
For further information, please refer to the Company's SEDAR filings at
www.sedar.com
or visit the
Company's website at
www.magnamining.com
or contact:
Jason Jessup, Chief Executive Officer
or
Paul Fowler, CFA, Senior Vice President
Telephone: 416 356 8165
Email:
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information"
under applicable Canadian securities legislation. Forward-looking information includes, but is not
limited to, the use of proceeds of the Offering, the timing and ability of the Company to receive
necessary regulatory approvals, including the final acceptance of the TSX Venture Exchange, and the
plans, operations and prospects of the Company. Forward-looking information is necessarily based
upon a number of assumptions that, while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking information. Factors that could
affect the outcome include, among others: future prices and the supply of metals, the future demand
for metals, the results of drilling, inability to raise the money necessary to incur the expenditures
required to retain and advance the Company's properties, environmental liabilities (known and
unknown), general business, economic, competitive, political and social uncertainties, results of
exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and
failure to obtain regulatory or shareholder approvals. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information contained in this press release is given as
of the date hereof and is based upon the opinions and estimates of management and information
available to management as at the date hereof. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of new information, future events
or otherwise, except as required by law.
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SERVICES
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