Tuesday, September 16, 2025

Magna Mining Looks To Raise $16 Million After Positive Drill Results

In a totally unsurprising move, Magna Mining (TSXV: NICU) this morning revealed it is looking to raise funds after having two notable drill hole intersects over the last two weeks. The firm is looking to conduct a financing that will raise gross proceeds of approximately $16.0 million.

The offering is set to include a charitable flow-through component in addition to a common share component. The charitable flow-through offering is set to consist of up to 7.2 million shares of the issuer being sold at a price of $1.815 per each, for gross proceeds of $13.0 million. The non-flow-through portion meanwhile is to consist of 2.7 million shares being sold at $1.10 per each, for gross proceeds of $3.0 million.

No warrants are being offered in connection with the financing.

An over-allotment option also exists, which would see the sale of up to 1.1 million more charitable flow-through units for additional proceeds of $1.95 million.

Proceeds from the offering will see the firm conduct further exploration on its properties, with funds from the common share offering also to be used for general corporate purposes.

The financing is slated to close January 25.

The offering follows the company having two significant drill holes at its Crean Hill project near Sudbury, Ontario. Hole MCR-22-010 released yesterday intersected 0.39% nickel, 0.49% copper, 3.36 g/t platinum, 2.28 g/t palladium and 1.59 g/t gold over 98.26 metres from a depth of 26.55 metres. Last week, the firm hit 4.0% nickel, 0.7% copper, 0.36 g/t platinum and 0.25 g/t palladium over 31.06 metres.

Magna Mining last traded at $1.28 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Magna Mining Continues To Fall As Share Unlock Looms

Magna Mining (TSXV: NICU) is one of the biggest losers on the market over the...

Tuesday, January 17, 2023, 12:44:07 PM

Magna Mining Intersects 96 Metres of 0.75% Nickel, 1.29% Copper At Crean Hill

Magna Mining (TSXV: NICU) has continued to see positive results from exploration of its Crean...

Friday, November 3, 2023, 09:22:46 AM

Magna Mining Hits 7 Metres Of 4.2% Nickel

Magna Mining (TSXV: NICU) has released further assays from its ongoing drill program at its...

Thursday, September 21, 2023, 09:14:11 AM

Magna Mining Intersects 1.1% Nickel, 0.7% Copper Over 27 Metres

The final assay results from Magna Mining’s (TSXV: NICU) 2022 drill program have been released...

Thursday, March 2, 2023, 08:22:15 AM

Magna Mining Hits 31 Metres Of 4.0% Nickel At Crean Hill

Magna Mining (TSXV: NICU) released its latest assay results from a drill program that began...

Thursday, January 5, 2023, 09:06:01 AM