(the Company or Magna) is pleased to announce the closing of the non-brokered Private Placement announced on March 27, 2014.
The closing of 767, 000 units (Units) for gross proceeds of $115, 050 was completed today. Each Unit, at a price of $0.15 per Unit, is comprised of one common share of the Issuer (a Share) and one-half of one common share purchase warrant of the Issuer (each whole warrant, a Warrant). Each Warrant will be exercisable into a common share of the Company (a Warrant Share) for a period of 24 months from the date of issuance at an exercise price of $0.25 per Warrant Share. The Shares and Warrant Shares will be subject to a four month hold period.
Finder’s fees or commissions of $1, 500 were paid in connection with the closing of this Private Placement.
The net proceeds of $113, 550 are for the Company’s general working capital as well as preparatory work for the Phase 1 resource delineation drill program at the Company’s Green River Potash Project in the renowned Paradox Basin, Utah.
Following the closing of this Private Placement, the Company has 55, 066, 232 common shares issued and outstanding.
About the Company
Magna Resources Ltd. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, holds 11 State potash leases, 2 Federal Potash Prospecting Permits and an option to acquire 100% interest in 12 Federal potash Prospecting Permits and 11 federal Potash Prospecting Permit applications in the State of Utah comprising 20, 620 hectares (50, 950 acres) that constitute the Green River Potash Project, host to a significant potash Exploration Target.
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information should not be relied upon, including statements relating to the Companys future plans and objectives or expected results, are “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Companys business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.