Magna Enjoys Magnificent Price Rise on Private Placement

Investing in its future career, Toronto-headquartered Magna Gold Corp. (TSX-Venture: MGR) announced Tuesday that it had closed its previously announced non-brokered private placement of 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 $7,000,750.

The Private Placement was fully subscribed and included lead investments by Eric Sprott and two mining industry participants.

The net proceeds from the Private Placement will be used for working capital purposes in connection with the Company's existing projects.

Magna Gold shares acquired four cents, or 5.1%, to 82 cents as the clock approached noon EDT on Tuesday, on volume of 45,000 shares.