Magna Mining (TSX-V:NICU) Inc said it has closed the final tranche of a financing that raised gross proceeds of close to $3.2 million to fund exploration on its Sudbury mineral portfolio.
In the final tranche, the Toronto-based company issued 1,107,800 flow-through shares at a price of $0.45 per share, for aggregate gross proceeds of $498,510.
Together with the first tranche of the offering, Magna sold a total of 6,996,700 flow-through shares for aggregate gross proceeds of $3,148,515.
READ: Magna Mining closes initial tranche of its previously announced non-brokered private placement for aggregate gross proceeds of approximately $2.65M
In a statement, Magna said the proceeds of the offering will be used for exploration activities at its mineral projects located in the Sudbury region of Ontario.
The company's flagship asset is the past producing Shakespeare Mine, which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180-square-kilometre prospective land package.
Haywood Securities Inc acted as a finder in connection with the final tranche of the offering. In consideration, Magna issued 74,777 common shares to Haywood at a deemed price of $0.40 per share.
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