Magna Mining offers shares for gross proceeds of up to C$45M

Magna Mining offers shares for gross proceeds of up to C$45M

Magna Mining Inc. has announced plans to offer shares for gross proceeds of up to C$45 million. This offering comes as the company aims to raise capital for its ongoing operations and future growth prospects. The shares will be made available to the public, providing investors with an opportunity to participate in the company's expansion.

The Canadian market has shown overall favorability, with the S&P/TSX Composite Index rising by 0.47% to 28,751.36 on Wednesday. Despite this positive trend, shares of Magna International Inc. (MG) slid by 0.96% to C$62.12. This decline brought the stock 6.5% short of its 52-week high of C$66.42, reached on December 9th [1].

The trading volume for Magna International Inc. on Wednesday was 753,786 shares, which remained below its 50-day average volume of 930,178 shares. This indicates a relatively low level of trading activity compared to the company's recent historical average.

Magna Mining's share offering is expected to provide the company with the necessary funds to support its operations and future growth initiatives. The specific terms of the offering, including the number of shares to be issued and the price per share, are yet to be determined. Investors are advised to stay tuned for further updates as the details of the offering are finalized.

References:
[1] https://www.marketwatch.com/data-news/magna-international-inc-stock-falls-wednesday-underperforms-market-ff817140-c4f0fa5a2ccc