Magna Resources Ltd. Announces Partial Closing of Non-Brokered Private Placement
November 8, 2013 (Source: Magna Resources Ltd.) — Magna Resources Ltd. (the “Company“)(MNA:CNSX, MGRZF:OTCQX)
On October 18, 2013, the Company announced a private placement for up to 2,500,000 units at a price of $0.15 per unit (“Unit“) to raise proceeds of up to $375,000.00 (the “Private Placement“). Each Unit will consist of one of one common share of the Company (a “Share“) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant will be exercisable into one common share of the Company (a “Warrant Share“) at an exercise price of $0.25 per Warrant Share expiring 24 months from date of issuance.
A partial closing of 1,759,232 Units completed today. The Shares and Warrant Shares will be subject to a four month hold period expiring March 9, 2014. The expiry date of the Warrants is November 7, 2015.
Finder’s fees or commissions of $11,189.00 were paid in connection with the partial closing of this Private Placement.
The net proceeds of $252,694.90 are for the Company’s general working capital as well as preparatory work for the Phase 1 drill program at the Company’s Green River Potash Project in the renowned Paradox Basin, Utah.
Following the partial closing of this Private Placement, the Company has 53,340,898 common shares issued and outstanding.
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About the Company
Magna Resources Ltd. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, holds certain State potash leases and approval of certain federal potash prospecting permits in the State of Utah that constitute the Green River Potash Project, host to a significant potash Exploration Target.
On behalf of the Board of Directors
Mike Sieb, President
Neither the OTCQX nor the Canadian National Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information should not be relied upon, including statements relating to the Company’s future plans and objectives or expected results, are “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward-Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward-Looking Statements.
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