Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Magna Mining Inc. (NICU) has signed a $16 million private placement agreement with Canaccord Genuity Corp.
  • The private placement will consist of up to roughly 7.16 million Magna Mining charitable flow-through (FT) common shares at a price of $1.815 each
  • It will also include up to 2.72 million Magna Mining common shares for $1.10 per common share
  • The company will grant the agents an option to sell an additional 1.07 million charitable FT shares also for $1.815
  • The offering is expected to close by January 25
  • Magna Mining Inc. (NICU) is down 3.12 per cent, trading at $1.24 at 11:20 a.m. EST

Magna Mining Inc. (NICU) has signed a $16 million private placement agreement with Canaccord Genuity Corp.

The private placement will consist of roughly 7.16 million Magna Mining charitable flow-through (FT) common shares at a price of $1.815 each.

The agreement also includes up to 2.72 million Magna Mining common shares for $1.10 per common share.

Additionally, the company will grant the involved agents an option to sell an additional 1.07 million charitable FT shares for $1.815. The option is exercisable for 48 hours prior to the closing of the private placement.

Magna Mining agreed to pay the agents a cash commission equal to a maximum of six per cent of the gross proceeds of the offering. It also agreed to issue a number of warrants equal to a maximum of six per cent of the charitable FT shares and common shares sold.

Each warrant will entitle the holder to purchase one common share of Magna Mining for $1.10 per common share for a two-year period after the offering has closed.

The offering is expected to close by January 25.

Magna Mining is an exploration and development company focused on nickel, copper, and pure gold mining projects around Sudbury in Ontario.

Magna Mining Inc. (NICU) is down 3.12 per cent, trading at $1.24 at 11:20 a.m. EST.


More From The Market Herald

" Prime Mining Corp. (TSXV:PRYM) outlines 2023 work program at its Los Reyes Project

Prime Mining Corp. (PRYM) provided an update on work at its Los Reyes Gold and Silver Project in Mexico.

" Copper Lake Resources (TSXV:CPL) begins winter drilling at Marshall Lake

Copper Lake Resources (CPL) has started a winter diamond drilling program on its Marshall Lake Property in northwestern Ontario.

" Go Metals (CSE:GOCO) updates upcoming drill program and issues stock options

Go Metals (GOCO) is planning the Phase 2 drill program at its HSP Nickel-Copper Sulphide Project.

" G2 Goldfields (TSXV:GTWO) strikes gold at the OKO Project

G2 Goldfields (GTWO) released additional assay results from the ongoing drill program at its newly discovered Ghanie Zone within its OKO Project.