Source: Magna Mining.
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  • Magna Mining (NICU) has closed the initial tranche of its non-brokered private placement for gross proceeds of approximately $2,650,000
  • Magna sold 5,888,900 flow-through common shares at a price of $0.45 per share
  • The company intends to complete a further tranche of the offering in November
  • Dundee Resources Limited acquired 5,888,900 common shares of Magna Mining on a private placement basis following the completion of the initial tranche of this offering
  • Magna is an exploration and development company focused on sulphide nickel, copper and PGM projects in Ontario
  • Magna Mining Inc. (NICU) opened trading at C$0.40 per share

Magna Mining (NICU) has closed the initial tranche of its non-brokered private placement for gross proceeds of approximately $2,650,000. 

Magna sold 5,888,900 flow-through common shares at a price of $0.45 per share. The company intends to complete a further tranche of the offering in November.

The gross proceeds of the offering will be used to fund exploration activities at its mineral projects in Sudbury.

Dundee Resources Limited acquired 5,888,900 common shares of Magna Mining on a private placement basis following the completion of the initial tranche of the offering. Following the closing of the initial tranche, Dundee holds, directly or indirectly, 13,482,650 common shares and 3,371,875 share purchase warrants, representing approximately 19 per cent of the issued and outstanding common shares of Magna.

Dundee Goodman Merchant Partners, an affiliate of Dundee, acted as a finder in connection with the initial tranche of the offering. A finder’s fee of 198,750 common shares at a deemed price of $0.40 per share will be paid to Dundee Goodman, subject to the approval of the TSX Venture Exchange. Magna may pay additional finder’s fees to certain arm’s-length persons in connection with subsequent tranches of the offering.

Securities issued during the initial tranche of the offering are subject to a hold period expiring on February 27, 2022. The offering is subject to the final acceptance of the TSXV.

Magna is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury region of Ontario. 

Magna Mining Inc. (NICU) opened trading at C$0.40 per share.

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