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Magna Mining Raises C$140 Million Via Strategic Investment by Alpayana

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Magna Mining (NICU.TO) raised C$140 million after it closed its non-brokered strategic private placement financing, it said in a statement on Monday.

Alpayana S.A.C. bought 62.4 million common shares at C$2.25 apiece. Alpayana now holds 19.9% of the issued and outstanding common shares of Magna, it said.

Proceeds will be used to fund development activities at mineral projects located in the Sudbury region of Ontario as well as for general corporate and working capital needs.

Shares of the company closed down 3.6% at C$2.72 on Friday on the Toronto Stock Exchange.

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