The Company has raised a total of
The Company intends to use the proceeds from this private placement for further exploration on its 'LH Property' and for general working capital purposes.
Certain insiders of the Company purchased an aggregate of 1,500,000 Units under the private placement, constituting, to that extent, a 'related party transaction' within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 ('MI 61-101'). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the private placements, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.
Early Warning Disclosure
The Common Shares were acquired by the Evans Entities for investment purposes. Evans and the Evans Entities have a long-term view of the investment and may acquire additional securities of Magnum, including on the open market or through private acquisitions, or sell securities of Magnum, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Evans's early warning report will appear on Magnum's profile on SEDAR and may also be obtained by emailing scanner@waterfrontgroup.com.
Contact:
Tel: 604.922.2030
Email: info@waterfrontgroup.com
This news release includes certain statements that may be deemed 'forward-looking statements' within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters, including the the intended use of the proceeds of the private placement, are forward-looking statements and, as such, are subject to risks, uncertainties and other factors which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in
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