Magnum Goldcorp Inc (MGI)

[JonnyRBuck12]

Magnum Goldcorp receives work permit for LH property

2022-03-29 17:20 ET - News Release

Mr. Douglas Mason reports

MAGNUM GOLDCORP INC. RECEIVES LH PROPERTY WORK PERMIT AND ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Further to its news release of Dec. 1, 2021, Magnum Goldcorp Inc. has received an approved work permit in order to proceed with its planned exploration on its LH property located near Silverton, B.C.

Magnum has received a two-year multiyear area-based (MYAB) work permit for its LH property, issued by the Ministry of Energy, Mines and Low Carbon Innovation. The company is planning a diamond drill program to further explore its LH property to begin in the late spring, once weather conditions allow.

Subject to regulatory approval, the company intends to proceed with a non-flow-through non-brokered private placement to raise up to $150,000 by the issuance of three 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. With respect to this private placement, 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 NFT units purchased by subscribers introduced to the company by such finders.

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

The LH property is a gold exploration property consisting of 19 contiguous crown granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 kilometres south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt mine road, and then along a four-wheel drive road along Fingland Creek for approximately five km.

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