02:03 PM EDT, 09/19/2025 (MT Newswires) -- Magna Mining ( MGMNF ) shares were last seen up 4.7% on Friday after it closed best-efforts private placement for that raised about $50 million, including the full exercise of the agents' option.

The company sold 20.8-million shares at $2.40 apiece. Proceeds will be used to advance its existing properties in Sudbury, Ontario and for general and administrative expenses and working capital needs.

It also paid the agents an aggregate cash commission equal to $2 million.

Shares of the company were last seen up $0.12 to $2.70 on the TSX Venture Exchange.

Price: 2.70, Change: +0.12, Percent Change: +4.65