Magna Mining Closes Final Tranche of Non-Brokered Private Placement

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Toronto, Ontario--(Newsfile Corp. - November 3, 2021) - Magna Mining Inc. (TSXV: NICU) ("Magna" or the "Company") 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 (the "Offering"), 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. ("Haywood") 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 (the "U.S. Securities Act") 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.

For further information, please refer to the Company's SEDAR filings at www.sedar.com or visit the Company's website at www.magnamining.com or contact:

Jason Jessup, Chief Executive Officer

or

Paul Fowler, CFA, Senior Vice President

Telephone: 416 356 8165
Email: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the use of proceeds of the Offering, the timing and ability of the Company to receive necessary regulatory approvals, including the final acceptance of the TSX Venture Exchange, and the plans, operations and prospects of the Company. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the Company's properties, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

NOT FOR DISTRIBUTION IN THE U.S. OR DISSEMINTATION THROUGH U.S. NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101932

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