02:53 PM EST, 02/06/2025 (MT Newswires) -- Magna Mining ( MGMNF ) was at last look down near 9% on Thursday afternoon after saying that the company and a syndicate of agents have agreed to increase the size of its previously announced "best efforts" private placement offering of unsecured convertible debentures.

The offering has been upsized from up to $15 million to up to $22 million of convertible debentures, which will be issued in ordinary multiples of $1,000, less an original issue discount of 2% of the principal amount of the convertible debentures.

Magna Mining ( MGMNF ) intends to use proceeds to advance the company's Sudbury projects and for general corporate and working capital purposes.

The debenture offering is expected to close on or about Feb. 27.

Shares of the company were last seen down $0.16 or 8.77%, at $1.68 on the TSX Venture Exchange.

Price: 1.68, Change: -0.16, Percent Change: -8.70