Magna Mining Announces Grant of Options

Rhea-AI Summary

Magna Mining Inc. has granted 915,800 options to acquire common shares of the Company to certain directors and officers. The options have an exercise price of $0.58 per share and are valid for five years.

Sudbury, Ontario--(Newsfile Corp. - August 10, 2023) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") announces that it has granted an aggregate 915,800 options to acquire common shares of the Company (the "Options") to certain directors and officers pursuant to the Company's stock option plan. The Options are exercisable at an exercise price of $0.58 per share for a period of five-years from the date of grant.

About Magna Mining Inc.

Magna is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated August 2022. Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.magnamining.com).

For further information, please contact:

Jason Jessup
Chief Executive Officer
or
Paul Fowler, CFA
Senior Vice President
Email: info@magnamining.com
Telephone: (705) 665-0262

Cautionary Statement

This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking statements include statements regarding beliefs, plans, expectations, or intentions of the Company. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176815

FAQ

What is the company that issued the press release?

The company is Magna Mining Inc.

What is the stock symbol of Magna Mining Inc.?

The stock symbol is TSXV: NICU on the Toronto Stock Exchange, OTCQB: MGMNF on the OTCQB market, and FSE: 8YD on the Frankfurt Stock Exchange.

How many options were granted by Magna Mining Inc.?

Magna Mining Inc. granted 915,800 options.

Who are the options granted to?

The options were granted to certain directors and officers of Magna Mining Inc.

What is the exercise price of the options?

The exercise price of the options is $0.58 per share.

What is the expiration period for the options?

The options are valid for a period of five years from the date of grant.