Magna Mining raises C$120m from private placement, gains major shareholder
TSX-listed Magna Mining has announced a private placement with Latin American miner Alpayana to purchase 62-million common shares at a price of C$2.25 apiece, raising C$140-million.
Alpayana will hold 19.9% of Magna's issued share capital upon closing of the placement.
Magna CEO Jason Jessup welcomes Alpayana as a strategic investor and major shareholder in the company.
Magna's flagship asset is the Crean Hill project, a past-producing nickel/copper/platinum group metals mine, and more past-producing mines in Ontario, while Alpayana owns six underground mines in Peru and Mexico.
"Their operating experience in Peru and Mexico dovetails well with our growing production, advanced-stage projects, extensive property portfolio and deep knowledge of the Sudbury basin in north-eastern Ontario. Most importantly, the values of our two companies are very closely aligned.
"This financing will allow us to simultaneously pursue multiple growth opportunities and accelerate the advancement of our past-producing Levack and Crean Hill projects. We look forward to working with the team from Alpayana in order to learn from each other and explore additional opportunities for growth in Sudbury," Jessup states.
In turn, Alpayana chairperson Alejandro Gubbins says the investment reflects Alpayana’s confidence in Magna’s team and in the exceptional geological endowment of the Sudbury basin.
"As a private group with four decades of continuous operations in Latin America, we are proud to extend our long-term, responsible approach to mining into one of the world’s most established districts, and to support Magna as it advances its growth pipeline in the region.”
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