Magna Mining (TSX-V:NICU) Inc said it has increased the size of its previously announced non-brokered private placement to now include up to 8,444,500 flow-through common shares (FT shares) up from the previous 6,666,667.
The price will remain unchanged at $0.45 per FT share, for gross proceeds of up to $3,800,025.
The company said the FT shares will be offered by way of a best efforts non-brokered private placement to "accredited investors” living in Canada.
READ: Magna Mining announces an offering of up to 6,666,667 flow-through common shares for total gross proceeds of up to $3 million
Magna plans to use the raised capital to fund the advancement of exploration activities at its mineral projects located in the Sudbury region of Ontario. Additionally, residents in Ontario will be eligible for the 5% Ontario Focused Flow-Through Share Tax Credit pursuant to the Ontario Taxation Act.
In conjunction with the placement, Magna may pay certain arm's length persons finder's fees in the form of cash or securities of the company. The closing of the offering is expected to occur on or around October 26, 2021.
The base metals exploration and development company is advancing its flagship asset, the past-producing Shakespeare mine. The company is permitted to construct a 4500 tonne per day open pit mine, processing plant and tailings storage facility at the property.
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