Magna Mining, Sudbury’s emerging mid-tier miner, has raised $50 million for exploration and development of its properties in the basin.
The money is being sunk into exploration and development of its local holdings, which includes the inactive Levack mine.
The funds were raised through a brokered private placement where the company sold close to 21 million common shares at a price of $2.40 per share that, the company said, has brought in some new investors and renewed support from existing ones.
Magna’s flagship asset is the working McCreedy West copper mine, acquired in a major mine and land acquisition deal with Polish miner KGHM that closed in February.
Levack is the next mine in Magna’s queue to be restarted and brought back into production. Encouraging copper, nickel and gold exploration results from Levack has spurred an “aggressive follow-up” program.
These funds, the company said in a Sept. 19 release, will accelerate those efforts and support underground development work. Magna is aiming for a 2026 restart at Levack.
“The exploration excitement at Levack, in parallel with the continued ramping up of operations at our adjacent McCreedy West mine, are helping highlight Sudbury’s bright future to the global investment community,” the company said in the release.
To help with future financing efforts, Greg Huffman has been appointed as Magna’s senior vice-president of capital markets. Huffman had been president-CEO of Nuclear Fuels Inc. until this month.
A holder of a Laurentian University bachelor of science degree in geology, Huffman is well known for his eight-year stint as global head of mining sales at Canaccord Genuity.
“Greg has supported our company since our go-public transaction and helped us not only raise money but increase our visibility to investors globally,” said Magna CEO Jason Jessup in a statement.
“Over the past year, he has served as a strategic advisor to Magna. His extensive experience in capital markets coupled with his knowledge of our projects and operations will be invaluable as our company enters our next phase of growth.”