Magna Mining Inc. Announces up to $3 Million Non-Brokered Private Placement of Flow- Through Shares
Magna Mining Inc. Announces up to $3 Million
Non-Brokered Private Placement of Flow-
Through Shares
Toronto, Ontario--(Newsfile Corp. - September 29, 2021) - Magna Mining Inc. (TSXV: NICU) ("
Magna
"
or the "
Company
") is pleased to announce an offering (the "
Offering
") of up to 6,666,667 flow-through
common shares ("
FT Shares
") at a price of $0.45 per FT Share, for total gross proceeds of up to $3
million. The FT Shares will be offered by way of a best efforts non-brokered private placement to
"accredited investors" resident in the provinces of Canada.
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
.
In connection with the Offering, Magna may pay certain arm's length persons finder's fees (or similar
fees) in the form of cash or securities of the Company. The closing of the Offering is anticipated to occur
on or around October 19, 2021, and is subject to certain conditions including, but not limited to, the
receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. All
securities issued under the Offering will be subject to a statutory hold period in Canada expiring four
months and one day from the closing date.
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 4500 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
T: 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 terms of the Offering, the use of proceeds of the Offering, the timing and ability of the
Company to close the Offering, the timing and ability of the Company to receive necessary regulatory
approvals, 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.
Not for distribution to United States news wire services or for dissemination in the United
States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/97967