Non-Brokered Private Placement Closing of Non-Brokered Private Placement
Vancouver, B.C., April 15, 2014. Magna Resources Ltd. (MNA:CSE – MGRZF:OTCQX) (the “Company” or “Magna”) is pleased to announce the closing of the non-brokered Private Placement announced on March 27, 2014.
The closing of 767,000 units (“Units”) for gross proceeds of $115,050 was completed today. Each Unit, at a price of $0.15 per Unit, is comprised of one common share of the Issuer (a “Share”) and one-half of one common share purchase warrant of the Issuer (each whole warrant, a “Warrant”). Each Warrant will be exercisable into a common share of the Company (a “Warrant Share”) for a period of 24 months from the date of issuance at an exercise price of $0.25 per Warrant Share. The Shares and Warrant Shares will be subject to a four month hold period.
Finder’s fees or commissions of $1,500 were paid in connection with the closing of this Private Placement.
The net proceeds of $113,550 are for the Company’s general working capital as well as preparatory work for the Phase 1 resource delineation drill program at the Company’s Green River Potash Project in the renowned Paradox Basin, Utah.
Following the closing of this Private Placement, the Company has 55,066,232 common shares issued and outstanding.