Magna Resources Ltd. announces that Rudy de Jonge of Vancouver, BC, a director and officer of the Company has a post-conversion beneficial ownership of 11.16% of the Company’s issued and outstanding common shares.
There are currently 55, 066, 232 common shares of Magna issued and outstanding. As a result of the methods of calculating post-conversion beneficial ownership, Mr. de Jonge is deemed to have control and direction over an aggregate (both directly and indirectly) 6, 323, 776 common shares, which includes 1, 070, 000 stock options and 515, 000 share purchase warrants. Based on the Company’s issued and outstanding and the potential exercise of all stock options and warrants held by Mr. de Jonge, Mr. de Jonge would have control and direction over 11.16% of the Company’s issued and outstanding common shares on an undiluted basis.
The common shares of the Company held by Mr. de Jonge were acquired for investment purposes. Mr. de Jonge currently has no intent to exercise any of the available stock options or share purchase warrants. Additional details of stock options and warrants held by Mr. de Jonge may be found in the Early Warning Report filed on www.sedar.com.
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.
On behalf of the Board of Directors
Mike Sieb, President