Magna Mining Announces up to $25 Million Private Placement
Summary
The Convertible Debentures will be issued pursuant to the terms of a debenture indenture to be entered into by the Company on or about the Closing Date (the "Debenture Indenture").The principal amount of each Convertible Debenture (excluding the amounts attributed to the OID) will be convertible, at the election of the holder, into Common Shares at a conversion price of C$2.00 per Common Share (the "Conversion Price") at any time until the earlier of (i) the business day preceding the Maturity Date, and (ii) the date of repayment in full of the principal amount of the Convertible Debentures and all accrued and unpaid interest thereon.If at any time following the two-year anniversary of the closing date of the Offering (the "Closing Date"), the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "Exchange") equals or exceeds 150% of the Conversion Price (subject to adjustment in accordance with the terms of the Debenture Indenture) for 20 consecutive trading days ("Trading Period"), the Company shall have the right to elect, at any time during the three trading days after such Trading Period, to have all of the principal amount outstanding under the Convertible Debentures converted into Common Shares at the Conversion Price.The Company has agreed to pay the Agents: (i) a cash commission equal to 4.0% of the gross proceeds of the Debenture Offering other than the gross proceeds raised from the sale of Convertible Debentures to those purchasers included on a presidents list to be formed by the Company (the "Presidents List"), in which case a reduced commission of 2.0% shall be payable; and (ii) a cash commission of 6.0% of the gross proceeds of the Share Offering, other than the gross proceeds raised from the sale of Common Shares to purchasers included on the Presidents List, in which case a reduced commission of 3.0% of the gross proceeds shall be payable. Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "managements view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information, including statements in respect of the timing and ability of the Company to complete the Offering within the proposed timeline; the use of proceeds in connection with the Offering; the ability to obtain all necessary corporate and regulatory approvals, including the approval of the Exchange in connection with the Offering; and the ability to satisfy all conditions to the closing of the Offering. This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Funding
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