October 17, 2008 Vancouver, British Columbia. Magna Resources Ltd. (the Corporation) is pleased to announce that on October 16, 2008 it successfully completed its initial public offering (the Offering) through its agent, PI Financial Corp. (the Agent), of 2, 000, 000 common shares (the Shares) for gross proceeds of $320, 000. The Agent was paid a cash commission equal to 10% of the gross proceeds of the Offering. In addition, the Corporation granted to the Agent, non-transferable warrants to purchase up to 200, 000 Shares at a price of $0.16 per Share which may be exercised until October 16, 2010. The Agent was also paid a corporate finance fee for its services in connection with the Offering.
Proceeds from the Offering will be used to conduct the Phase I exploration program on the Corporations Shanty Bay claims located in Dent Township, 80 kilometers east-northeast of Red Lake, Ontario and for general working capital purposes.
The board of directors of the Corporation consists of Rudy de Jonge, President and Chief Executive Officer, Darryl Yea, Corporate Secretary, C Michael OBrian, Raymond A. McLean and John Greig. Alexander (Alec) S. Peck is the Chief Financial Officer.
The Corporations common shares will commence trading on the Canadian Trading & Quotation System (CNQ) on October 22, 2008 under the trading symbolMNA.
On behalf of MAGNA RESOURCES LTD.
Per: Rudy de Jonge
Rudy de Jonge
President and Chief Executive Officer
THE CNQ HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.