Magna Mining Inc. Closes $50 Million Private Placement

Strategic Insights -

Magna Mining Inc. announced the successful closing of its previously announced best efforts private placement, raising approximately $50 million in gross proceeds. The company sold a total of 20,833,300 common shares at a price of $2.40 per share. The funds will be used to advance the company's existing properties in Sudbury, Ontario, and for general and administrative expenses and working capital purposes.

Key Takeaways:

  • Magna Mining Inc. closed its private placement, raising $50 million in gross proceeds, with the full exercise of the agents' option.
  • The company sold 20,833,300 common shares at a price of $2.40 per share, utilizing the "listed issuer financing" exemption under National Instrument 45-106.
  • The net proceeds will be used to advance the company's existing properties in Sudbury, Ontario, and for general and administrative expenses and working capital purposes.
  • The company paid agents an aggregate cash commission of $2,037,962.40 and a cash finder's fee of $225,000.
  • The offering remains subject to the final approval of the TSX Venture Exchange.
  • The company's primary asset is the McCreedy West Mine, a producing mine with a strong portfolio of copper, nickel, and platinum group metals (PGM) assets.
  • Magna Mining is strategically positioned to unlock long-term shareholder value through continued production, exploration upside, and near-term development opportunities.

Statistics:

  • Gross proceeds: $50 million
  • Number of common shares sold: 20,833,300
  • Price per share: $2.40
  • Agents' cash commission: $2,037,962.40
  • Cash finder's fee: $225,000
  • Existing properties in Sudbury, Ontario: multiple mines, including McCreedy West, Levack , Crean Hill , Podolsky , and Shakespeare

Sources:

  • Newsfile Corp., "Magna Mining Inc. Closes $50 Million Private Placement" (September 19, 2025)
  • Magna Mining Inc. website and SEDAR+ filings (www.magnamining.com, www.sedarplus.ca)