Magna Gold Corp. is pleased to announce a non-brokered private placement of up to 17,075,000 common shares in the capital of the Company at a price of $0.41 per Offered Share for aggregate gross proceeds of up to $7,000,750. The Private Placement includes lead investments by Eric Sprott and two mining industry participants.
Production was 29,200 gold ounces and 553,200 silver ounces, or 35,100 gold equivalent ounces.
“On behalf of our Board, I would like to thank shareholders for their participation in the Rights Issue. The offer was strongly subscribed for both entitlement and additional shares. We look forward to completing this transformative transaction with Sun Minerals to acquire rights to earn in to the exciting Copalquin Project in Mexico”.
Mexican miner Industrias Peñoles said on Saturday that it will suspend operations of a zinc mine in central Mexico indefinitely due to difficult mining conditions and low metal prices.
“While the Covid-19 pandemic has affected businesses around the globe, Odyssey has continued to make significant progress towards achieving our key objectives while temporarily transitioning our corporate office to a virtual environment,” said Mark Gordon, Odyssey Marine Exploration’s Chief Executive Officer and Chairman of the Board of Directors.
Taj Singh, President and CEO of Discovery commented, “The strong investment interest in Discovery is a clear reflection of the exposure and leverage that our Cordero project provides to a rising silver price. It is also indicative of the very favourable investment case for silver considering the current gold-silver ratio of 107:1 is markedly higher than the 50-year average of approximately 60:1. Upon completion of this financing Discovery will have over $40 million of cash on its balance sheet – this positions Discovery as one of the best financed silver exploration companies in the industry and provides the firepower to aggressively advance Cordero and to accelerate our exploration efforts on the surrounding regional property package.”
Pete Dougherty added: “In discussions with Alio, we both agree the health and safety of our workforce and our communities is paramount and the strong rationale for the merger of our companies remains valid in spite of any near-term disruptions to operations. Therefore, we both agreed to waive the 45-day opt out clause to provide stakeholders with clarity and remove uncertainty around the merger. We expect the transaction to close in June.”
“We are very pleased with the progress at the project, and look forward to commencing processing of Juanicipio underground material through the Fresnillo plant in the coming months,” said George Paspalas, President and CEO. “The private placement by Eric Sprott has created significant financial flexibility for MAG as we move through the next stage of construction and completion of the Juanicipio flotation plant.”
“Equinox Gold had a strong first quarter bolstered by production from our newly acquired assets and achieved record gold production and record earnings from mine operations, despite navigating challenges related to the COVID-19 pandemic,” said Christian Milau, Chief Executive Officer.
The corporation also announces the resignation of Paul Bartos from its Board of Directors. The Board sincerely thanks Paul for his contributions during his tenure and wishes him the best in his endeavors.
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