Magna Mining Inc (TSX-V:NICU) said it has received conditional approval from the TSX Venture Exchange for its previously-announced proposed acquisition of Lonmin Canada Inc, which holds the Denison project in Ontario, as well as the related non-brokered private placement of up to 74,074,074 company subscription receipts, at a price of $0.27 per receipt, to raise gross proceeds of up to C$20 million.
The exploration and development company noted the private placement remains subject to the satisfaction of customary conditions and is expected to close on or about September 28, 2022.
Magna Mining added that the completion of the acquisition is subject to the satisfaction of customary conditions pursuant to the definitive share purchase agreement and is anticipated to close in October 2022.
READ: Magna Mining unveils 'transformational' acquisition of Loncan, which includes Denison project
As well, the company announced the appointment of David King as Magna’s new senior vice president, technical services, who is expected to provide additional experience and expertise required to advance the Denison project.
King, a registered professional geologist who has more than 25 years of base and precious metal experience with a focus on both mining production and exploration, has previously worked at FNX Mining Company Inc, which was successful in exploring for, discovering, and developing several mines in Sudbury that are geologically similar to the Crean Hill Mine and Denison project, according to the company.
Magna Mining is focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. 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 kilometres of prospective land package.
Contact Sean at sean@proactiveinvestors.com