MagIndustries Announces Financing
2010-02-10
MagIndustries Corp. recently announced that it has filed a preliminary short form prospectus with respect to a marketed public offering of common shares of the Company on a "best efforts" basis in the provinces of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba and Nova Scotia. The offering is being co-led by Cormark Securities Inc. and BMO Capital Markets and includes Canaccord Financial Ltd. and Jennings Capital Inc. The offering is scheduled to close on or about February 24, 2010.
The net proceeds of the Offering will be applied to working capital and general corporate purposes as the Company concludes the agreements contemplated in the Project Development Framework, and during the construction of its Mengo Potash Project, scheduled to start November 2010.
The Common Shares offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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