On March 5, 2023, Magna Mining Inc. (“Magna”), a Canadian mining company with copper, nickel, and PGM projects in Northern Ontario, completed a "best efforts" private placement offering of unsecured convertible debentures and common shares for aggregate gross proceeds of C$33.5 million. The proceeds of this financing will be used to advance Magna's existing Sudbury projects and for general corporate and working capital purposes.
The offering consisted of (i) C$23,967,000 aggregate principal amount of unsecured convertible debentures of Magna Mining Inc., issued in ordinary multiples of C$1,000, less an original issue discount of 2% of the face amount of the convertible debentures, for aggregate gross proceeds of C$23,487,660; and (ii) an aggregate of 6,451,620 common shares of Magna Mining Inc. at a price of C$1.55 per common share, for aggregate gross proceeds of C$10,000,011. The offering was co-led by SCP Resouce Finance LP and Desjardins Securities Inc.
Fasken advised SCP Resource Finance LP in connection with the offering with a team comprised of Bradley Freelan, Alex Nikolic, Victoria Zed, Kathryn McCoy, Amanda Samuels (Articling Student), and Madeleine MacLean (Articling Student).
Jurisdiction
- Ontario
