By Devika Patel
Knoxville, Tenn., Aug. 5 - Magna Resources Ltd. said it has arranged a C$1.2 million private placement of units.
The company will sell 6 million units of one common share and one warrant at C$0.20 apiece. Each warrant is exercisable at C$0.25 for two years.
Proceeds will be used to fund Magna's obligations under the option agreement with Sweetwater River Resources LLC, its portion of an initial drilling program on the properties subject to the option and for general working capital.
Vancouver, B.C.-based Magna Resources is a mineral exploration company.
| Issuer: | Magna Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.2 million
|
| Units: | 6 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Aug. 5
|
| Stock symbol: | CNQ: MNA
|
| Stock price: | C$0.25 at close Aug. 5
|
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