Magna Mining closes $50-million private placement

Executive Summary

• Magna Mining Inc. closed a best‑efforts private placement raising approximately $50 million in gross proceeds from the sale of 20,833,300 common shares at $2.40 per share.
• Net proceeds will be used to advance existing Sudbury properties, fund general and administrative expenses, and provide working capital.
• The offering incurred cash commissions of $2,037,962.40 and a finder’s fee of $225,000, and remains subject to final TSX Venture Exchange approval.

Key Details

• Offering size: 20,833,300 common shares sold at $2.40 per share → gross proceeds ≈ $50 million.
• Agency agreement: Dated September 19, 2025 with a syndicate led by Canaccord Genuity Corp., Desjardins Capital Markets, SCP Resource Finance LP, plus Paradigm Capital Inc., BMO Capital Markets, and Stifel Nicolaus Canada Inc.
• Exemption used: Listed issuer financing exemption under NI 45‑106 (Part 5A) – no hold period required.
• Commission & fees: Cash commission to agents = $2,037,962.40; cash finder’s fee = $225,000.
• Use of proceeds: Advance existing Sudbury properties (McCreedy West, Levack, Crean Hill, Podolsky, Shakespeare), cover general and administrative expenses, and provide working‑capital liquidity.
• Regulatory condition: Offering subject to final approval by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were included in the release.)