Magnum Goldcorp Inc (MGI)

[JonnyRBuck12]

Magnum Goldcorp increases private placement

2021-09-28 17:29 ET - News Release

Mr. Douglas Mason reports

MAGNUM GOLDCORP INC. INCREASES SIZE OF NON-BROKERED PRIVATE PLACEMENTS

Magnum Goldcorp Inc., further to its news releases of Aug. 18, 2021, and Sept. 2, 2021, and subject to regulatory approval, has increased the size of its non-flow-through non-brokered private placement and will now raise $613,000 by the issuance of 12.26 million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's share price on the TSX Venture Exchange is equal to or greater than 25 cents for a period of 20 consecutive trading days.

In addition, the size of the flow-through private placement has increased, and the company will now raise $365,000 by the issuance of 6,083,333 flow-through shares at six cents per FT share.

With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders.

The company intends to use the proceeds from these private placements for further exploration on its LH property and for general working capital purposes.

We seek Safe Harbor.