Magna Mining arranges $45-million private placement

Executive Summary

• Magna Mining Inc. announced a brokered best‑effort private placement (Life Offering) of up to 18.75 million common shares at $2.40 per share, targeting gross proceeds of up to $45 million.
• The syndicate, led by Canaccord Genuity Corp., includes Desjardins Securities Inc. and SCP Resource Finance LP; agents have an option to sell an additional 2,083,300 shares for up to $4.9999 million.
• Net proceeds will be used to advance existing Sudbury properties, fund general & administrative expenses, and provide working capital. Closing is expected around Sept. 19, 2025, subject to regulatory approvals.

Key Details

• Offering Size: Up to 18.75 million common shares (plus optional 2,083,300 additional shares).
• Price per Share: $2.40 offered price.
• Gross Proceeds Target: Up to $45 million; optional tranche adds up to $4,999,920.
• Lead Agent & Bookrunner: Canaccord Genuity Corp.; co‑lead agents Desjardins Securities Inc. and SCP Resource Finance LP.
• Exemptions Used: Listed issuer financing exemption under NI 45‑106 (Part 5A) for Canada (excluding Quebec); U.S. private placement exemptions; other qualifying jurisdictions as mutually agreed.
• Hold Period: Shares not expected to be subject to a hold period in Canada, pending satisfaction of conditions.
• Commission Structure: Cash commission of 5.0 % of gross proceeds, reduced to 1.5 % for sales to purchasers on a pre‑approved “president’s list” (maximum $15 million).
• Use of Proceeds: Advance existing Sudbury assets (e.g., McCreedy West, Levack, Crean Hill, Podolsky, Shakespeare), cover general & administrative expenses, and provide working capital.
• Closing Timeline: Expected on or about Sept. 19, 2025, subject to regulatory approvals including TSX Venture Exchange consent.
• Regulatory Conditions: Completion contingent upon receipt of all necessary securities law approvals.

Notable Quotes

(No direct quotes were provided in the release.)