Confederation Minerals buys stock at C$0.30 per common share
By Devika Patel
Knoxville, Tenn., Jan. 20 - Magna Resources Ltd. said it has completed a C$2 million private placement of stock.
The company sold 6,666,666 common shares at C$0.30 apiece to Confederation Minerals Ltd. The price per share is a 28.57% discount to the Jan. 19 closing share price of C$0.42.
Proceeds were used to acquire a 50% interest in American Potash LLC from the investor.
"This acquisition consolidates 100% ownership of our very exciting potash prospects into Magna Resources allowing for more focused management and easier funding which will benefit all shareholders," Magna president Rudy De Jonge said in a press release.
"I believe we have the most advantageous land position in the Paradox basin, the largest known Potash basin in America. This consolidation of ownership is also very timely because we expect shortly to have satisfied all requirements necessary to begin drilling our first test hole."
Vancouver, B.C.-based Magna Resources is a potash exploration company.
| Issuer: | Magna Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$2 million
|
| Shares: | 6,666,666
|
| Price: | C$0.30
|
| Warrants: | No
|
| Investor: | Confederation Minerals Ltd.
|
| Settlement date: | Jan. 20
|
| Stock symbol: | CNSX: MNA
|
| Stock price: | C$0.42 at close Jan. 19
|
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