Magna Mining Closes Final Tranche of Non-Brokered Private Placement

Magna Mining Inc. (TSX-V: NICU) is pleased to announce, further to its press releases dated September 29, 2021, October 22, 2021 and October 28, 2021, that it has closed the final tranche of its previously announced non-brokered private placement, pursuant to which the Company sold an aggregate of 1,107,800 flow-through common shares at a price of $0.45 per share, for aggregate gross proceeds of $498,510. Together with the first tranche of the Offering, the Company sold an aggregate of 6,996,700 flow-through common shares under the Offering for aggregate gross proceeds of $3,148,515.

The gross proceeds of the Offering will be used to fund advancement of Magna’s exploration activities at its mineral projects located in the Sudbury region of Ontario, through the incurrence of expenses that are eligible “Canadian Exploration Expenses” which will also qualify as “flow-through mining expenditures” within the meaning of subsection 127(9) of the Income Tax Act (Canada) and, for subscribers resident in Ontario, will be eligible for the 5% Ontario Focused Flow-Through Share Tax Credit pursuant to the Ontario Taxation Act.

Haywood Securities Inc. acted as a finder in connection with the final tranche of the Offering. In consideration for acting as a finder in connection with the final tranche, the Company issued 74,777 common shares to Haywood at a deemed price of $0.40 per share.

The securities issued in connection with the closing of the final tranche of the Offering are subject to a hold period under applicable Canadian securities laws which will expire on March 4, 2022. The Offering is subject to the final acceptance of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Magna Mining Inc.

Magna is an exploration and development company focused on sulphide nickel, copper and PGM projects in the Sudbury region of Ontario, Canada. The Company’s flagship asset is the past producing Shakespeare Mine, which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km² prospective land package.