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Magna Mining Inc. Announces Upsize to Previously Announced Private Placement of Flow-Through Shares
Toronto, Ontario--(Newsfile Corp. - October 22, 2021) - Magna Mining Inc. (TSXV: NICU) (" Magn...
About this update from Magna Mining Inc
[{"type":"text","content":"Magna Mining Inc. Announces Upsize to Previously Announced Private Placement of Flow-Through SharesToronto, Ontario--(Newsfile Corp. - October 22, 2021) - Magna Mining Inc. (TSXV: NICU) (\"Magna\" or the \"Company\") is pleased to announce that it has increased the size of its previously announced non-brokered private placement to an aggregate of up to 8,444,500 flow-through common shares (\"FT Shares\") (up from 6,666,667 FT Shares) at a price of $0.45 per FT Share, for aggregate gross proceeds of up to $3,800,025 (the \"Offering\"). The FT Shares will be offered by way of a best efforts non-brokered private placement to \"accredited investors\" resident in the provinces of Canada.The gross proceeds of the Offering will be used to fund advancement of Magna's exploration activities at its mineral projects located in the Sudbury region of Ontario, through the incurrence of expenses that are eligible \"Canadian Exploration Expenses\" which will also qualify as \"flow-through mining expenditures\" within the meaning of subsection 127(9) of the Income Tax Act (Canada) and, for subscribers resident in Ontario, will be eligible for the 5% Ontario Focused Flow-Through Share Tax Credit pursuant to the Ontario Taxation Act.In connection with the Offering, Magna may pay certain arm's length persons finder's fees (or similar fees) in the form of cash or securities of the Company. The closing of the Offering is anticipated to occur on or around October 26, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the closing date. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About Magna Mining Inc.Magna is an exploration and...