Magna Mining Inc., based in Sudbury, Ontario, has announced a significant C$140 million investment from Alpayana S.A.C., a mining company with a robust presence in Latin America. This non-brokered private placement will see Alpayana acquire approximately 19.9% of Magna's equity.
Strategic Growth and Opportunities
We are extremely pleased with this proposed strategic investment from Alpayana and welcome them as a major shareholder of Magna. This financing will allow us to simultaneously pursue multiple growth opportunities and accelerate the advancement of our past-producing Levack and Crean Hill projects.
Jason Jessup, CEO of Magna Mining
- C$2.25 per share for 62,222,222 common shares
- Investment aimed at advancing mineral projects in Sudbury
- Regulatory approvals required before finalization
The funds from this investment will support the advancement of Magna's projects in Ontario, particularly the Levack and Crean Hill sites. These projects have historical significance in the region, which is known for its rich mineral deposits.
Alejandro Gubbins, Chairman of Alpayana, expressed confidence in Magna’s capabilities, highlighting the geological potential of the Sudbury Basin. This investment marks a strategic entry for Alpayana into one of Canada's most established mining districts.
Regulatory approval from the Toronto Stock Exchange is pending, and the completion of the investment will be contingent upon meeting customary closing conditions. The shares will also be subject to a statutory hold period in Canada.
Magna Mining is recognized for its diverse portfolio of copper, nickel, and precious metals within the Sudbury district. This investment is expected to enhance its operational capabilities and shareholder value.