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MAGNA MINING ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH SHARES AND COMMON SHARES
MAGNA MINING ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH SHARES AND COMMON SHARES Canad...
About this update from Magna Mining Inc
[{"type":"text","content":"\n \n \n \n MAGNA MINING ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH SHARES AND COMMON SHARES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n \n SUDBURY, ON\n \n \n ,\n \n \n Jan. 10, 2023\n \n \n /CNW/ - Magna Mining Inc. (the \"\n \n Corporation\n \n \") (TSXV: NICU) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (together with any syndicate of agents that may be formed, the \"\n \n Agents\n \n \") in connection with a \"best efforts\" private placement of: (i) up to 7,162,534 common shares of the Corporation (the \"\n \n Charitable\n \n \n Flow-Through Shares\n \n \") at a price of\n \n $1.815\n \n per CharitabMagnale Flow-Through Share (the \"\n \n C\n \n \n FTS Price\n \n \") for aggregate gross proceeds of up to approximately $13 million (the \"\n \n C\n \n \n FT Offering\n \n \"); and (ii) up to 2,727,272 common shares of the Corporation (the \"\n \n Common Shares\n \n \") at a price of\n \n $1.10\n \n per Common Share for aggregate gross proceeds of up to approximately\n \n $3 million\n \n (the \"\n \n CS Offering\n \n \", together with the\n \n C\n \n FT Offering, the \"\n \n Offering\n \n \").\n \n \n In addition, the Corporation will grant the Agents an option, exercisable within 48 hours prior to the closing of the Offering, to sell up to an additional 1,074,380 Charitable Flow-Through Shares at the CFTS Price for additional gross proceeds of up to approximately\n \n $1.95 million\n \n .\n \n \n The Charitable Flow-Through Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Tax Act\n \n \")). An amount equal to the gross proceeds from the issuance of the Charitable Flow-Through Shares will be used to incur eligible resource exploration expenses which will qualify as (i) \"Canadian exploration expenses\" (as d...