Magna Mining closes closing tranche of non-middleman non-public placement

Magna Mining Inc. is happy to announce, following its press releases dated September 29, 2021, October 22, 2021 and October 28, 2021, that it has closed the final tranche of its beforehand introduced non-brokered non-public placement in whereby the Firm offered a complete of 1,107,800 flow-through widespread shares at a worth of $ 0.45 per share, for whole gross proceeds of $ 498,510. With the primary …

Magna Mining Inc. (TSXV: NICU) (“Magna” or the “Firm”) is happy to announce, following its press releases dated September 29, 2021, October 22, 2021 and October 28, 2021, that it accomplished the ultimate tranche of its beforehand introduced non-brokered non-public placement (the “Provide”), pursuant to which the Firm offered a complete of 1,107,800 flow-through widespread shares at a worth of $ 0.45 per share, for whole gross proceeds of $ 498,510. With the primary tranche of the providing, the Firm offered a complete of 6,996,700 flow-through widespread shares below the providing for whole gross proceeds of $ 3,148,515.

The gross proceeds of the position shall be used to finance the development of Magna’s exploration actions on its mining tasks positioned within the Sudbury area of Ontario, by incurring eligible bills that are “exploration bills in Canada”. which may also qualify as “exploration bills mining bills” throughout the which means of subsection 127 (9) of the Earnings Tax Act (Canada) and, for policyholders residing in Ontario, shall be eligible for the 5% Ontario Targeted Movement-Via Share Tax Credit score below Ontario Tax Act.

Haywood Securities Inc. (“Hay wooden“) Acted as an middleman within the context of the final tranche of the Provide. In consideration for performing as middleman in reference to the ultimate tranche, the Firm issued 74,777 widespread shares to Haywood at a deemed worth of $ 0.40 per share.

The securities issued in reference to the closing of the final tranche of the providing are topic to a maintain interval below relevant Canadian securities legal guidelines which is able to expire on March 4, 2022. The providing is topic to closing acceptance of the providing. TSX Enterprise Alternate.

This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase any securities in the US. The securities haven’t been and won’t be registered below the US Securities Act of 1933, as amended (the “U.S. Securities Regulation“) or any state securities legislation and will not be provided or offered in the US or to individuals in the US until registered below the US Securities Act and securities legal guidelines. relevant authorities securities or an exemption from such registration is on the market.

About Magna Mining Inc.

Magna is an exploration and improvement firm targeted on nickel sulfide, copper and MGP tasks within the Sudbury space of ​​Ontario, Canada. The Firm’s flagship asset is the previous Shakespeare Mine, which has main permits for the development of a 4,500 tonne per day floor mine, processing plant and storage facility. tailings and is surrounded by a contiguous 180 km perimeter2 future land lot.

For extra info, please see the Firm’s SEDAR filings at www.sedar.com or go to the Firm’s web site at www.magnamining.com or contact:

Jason Jessup, President and CEO

The place

Paul Fowler, CFA, Senior Vice-President

Phone: 416 356 8165
Electronic mail: [email protected]

Warning relating to forward-looking statements

This press launch incorporates sure info which will represent “forward-looking info” below relevant Canadian securities laws. Ahead-looking info contains, with out limitation, using the proceeds of the providing, the timing and skill of the Firm to obtain mandatory regulatory approvals, together with closing acceptance by the TSX Enterprise Alternate, and plans. , operations and outlook of the corporate. Ahead-looking info is essentially primarily based on numerous assumptions which, though thought of cheap, are topic to identified and unknown dangers, uncertainties and different elements which can trigger precise outcomes and future occasions differ materially from these expressed or implied by such forward-looking info. Elements that would have an effect on the consequence embrace, however usually are not restricted to: future costs and provide of metals, future demand for metals, drilling outcomes, incapability to boost the mandatory funds to incur the bills required to take care of and make advancing the Firm’s properties, obligations (identified and unknown), normal affairs, financial, aggressive, political and social uncertainties, outcomes of exploration applications, dangers of the mining trade, delays in l ‘Acquiring authorities approvals and failure to acquire regulatory or shareholder approvals. There will be no assurance that such info will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such info. Due to this fact, readers shouldn’t place undue reliance on forward-looking info. All forward-looking info contained on this press launch is given as of the date hereof and relies on the opinions and estimates of administration and on info out there to administration as of the date hereof. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, besides as required by legislation.

NOT FOR UNITED STATES DISTRIBUTION OR BROADCAST USE THROUGH US NEWSWIRE SERVICES

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/101932

Supply hyperlink

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