Source: Magna Mining.
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Magna Mining (NICU) has upsized its previously announced private placement of flow-through shares
  • The non-brokered financing will increase to 8,444,500 flow-through shares priced at C$0.45 per share for aggregate gross proceeds of up to $3,800,025
  • The offering is expected to close on or around October 26, 2021
  • Magna is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury region of Ontario, Canada
  • Magna Mining (NICU) is unchanged trading at $0.365 per share

Magna Mining (NICU) has upsized its previously announced private placement of flow-through shares.

The non-brokered financing will increase the offering from 6,666,667 flow-through shares to 8,444,500 flow-through common shares priced at C$0.45, for aggregate gross proceeds of up to $3,800,025.

The shares will be offered to accredited Canadian investors.

Proceeds will be used for exploration activities at its mineral projects in Sudbury.

The expenses will qualify as flow-through mining expenditures as dictated by the Income Tax Act (Canada). Subscribers residing in Ontario will be eligible for the 5 per cent Ontario Focused Flow-Through Share Tax Credit pursuant to the Ontario Taxation Act.

The offering is expected to close on or around October 26, 2021.

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

Magna Mining (NICU) is unchanged trading at $0.365 per share as of 12:45 pm ET.

More From The Market Herald

" Eastern Platinum (TSX:ELR) sign finance facility agreement with Investec Bank

Eastern Platinum (ELR) has signed a finance facility agreement with Investec Bank.

" Revival Gold Intersects Revival (TSXV:RVG) intersects more gold at Beartrack-Arnett

Revival Gold (RVG) released new results from its 2022 drilling program at the Beartrack-Arnett Gold Project.

" Buscando Resources (CSE:BRCO) announces private placement financing

Buscando Resources (BRCO) announced a non-brokered private placement for gross proceeds of $200,000.
The Market Herald Video

" Dundee Corporation (TSX:DC.A) closes privatization of Big River Gold

Dundee (DC.A) has closed its privatization of Big River Gold with Aura Minerals.