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Magna Mining Announces Grant of Stock Options and RSUs
Sudbury, Ontario--(Newsfile Corp. - November 3, 2023) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MG...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Announces Grant of Stock Options and RSUsSudbury, Ontario--(Newsfile Corp. - November 3, 2023) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) (the \"Company\" or \"Magna\") announces that it has granted a total of 2,281,000 stock options (\"Options\") to purchase common shares of the Company to certain officers, employees and consultants pursuant to the Company's Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0.44 per common share for a period of three years from the date of grant. The Options vest 1/3 immediately and 1/3 annually thereafter. All of the Options expire on November 2, 2028. In addition, the Company has issued a total of 961,000 restricted share units (\"RSUs\") to certain directors, officers and employees of the Company in accordance with the Company's Restricted Share Unit Plan (\"RSU Plan\"). The RSUs will fully vest on the date that is three year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company or the equivalent cash value thereof, at the Company's discretion. The Company further announces that, in connection with such grant of a portion of the RSUs, the Company also approved an amendment to the RSU Plan (the \"Amended RSU Plan\") to increase the fixed maximum number of shares reserved for issuance under the RSU Plan from 1,500,000 to 3,000,000 shares. The Amended RSU Plan and the grant of 315,000 RSUs under the Amended RSU Plan are subject to approval by the TSX Venture Exchange and ratification by the Company's shareholders at the next annual and special meeting of shareholders. About Magna Mining Inc.Magna Mining is an exploration and development company focused on 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 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a NI 43-101 Technical Report, Preliminary Economic Assessment dated July 2023. Additional information about the Company is available on SEDAR (www.sedarplus.ca) and on the Company's website (www.magnamining....