12:03 PM EDT, 09/05/2025 (MT Newswires) -- Magna Mining ( MGMNF ) , down 2.4% on last look, said Friday it intends to raise up to $45 million from a private placement of up to 18.75-million shares at $2.40 each, while granting agent a 15% over-allotment option.

The shares will be offered under the listed issuer financing exemption (LIFE), a statement said.

The offering is expected to close about Sept. 19. Proceeds will be used to advance Magna's properties in Ontario.

Magna shares were last seen down $0.07 to $2.62 on the TSX Venture Exchange.

Price: 2.60, Change: -0.08, Percent Change: -2.99