Magna Mining Inc (TSX-V:NICU) has closed its previously announced best efforts private placement, the company announced.
Magna offered more than 8.2 million flow-through shares at a price of $1.815 each for proceeds of roughly $14.95 million, along with 2.6 million common shares for $1.10 each for about $2.95 million.
The company also sold another 45,400 common shares at a price of $1.10 each for proceeds of $49,400 on a non-brokered private placement basis.
READ: Magna Mining inks agreement with Canaccord Genuity in connection with a 'best efforts' private placement
Magna plans to use the proceeds from the flow-through shares to incur eligible resource exploration expenses, the company said. Proceeds from the common shares will be used for other projects and for general corporate purposes.
The company noted that Dundee Corporation, through a subsidiary, subscribed for 1.3 million common shares for an aggregate subscription amount of nearly $1.5 million. Before the offering, Dundee and its affiliates owned or controlled roughly 32.2 million common shares and 9.2 million warrants, representing about 21.6% of Magna’s issued and outstanding common.
Magna Mining Inc (TSX-V:NICU) is a base metal exploration and development company, with a primary focus on nickel. Magna’s flagship asset is the past-producing Shakespeare mine, located in the Tier 1 nickel mining region of Sudbury, Ontario.
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