Magna Mining Announces Closing of Brokered Offering of Common Shares for Gross Proceeds of Approximately $50 Million

Core Viewpoint - Magna Mining Inc. has successfully closed a brokered offering of common shares, raising approximately $50 million in gross proceeds, which will be utilized for advancing its properties and for general expenses [1][4]. Group 1: Offering Details - The offering consisted of 20,833,300 common shares sold at a price of $2.40 per share [1]. - The offering was facilitated by a syndicate of agents led by Canaccord Genuity Corp., Desjardins Capital Markets, and SCP Resource Finance LP, among others [2]. - The net proceeds will be allocated to advance the Company's existing properties in Sudbury, Ontario, and for general administrative expenses [4]. Group 2: Financial Aspects - The Company paid the agents a cash commission totaling $2,037,962.40 and an additional finder's fee of $225,000 [4]. - The offering was completed under the "listed issuer financing" exemption, meaning the shares are not subject to a hold period under Canadian securities laws [3]. Group 3: Company Overview - Magna Mining Inc. operates in the Sudbury mining district of Ontario, focusing on copper, nickel, and platinum group metals [6]. - The primary asset is the McCreedy West Mine, which is currently in production, supported by other past-producing properties [6]. - The Company aims to unlock long-term shareholder value through production and exploration opportunities [8].