West Vancouver, British Columbia – April 8, 2022 – Magnum Goldcorp Inc. (the “Company” or “Magnum”) (TSXV:MGI) announces that certain directors have sold an aggregate of 1,500,000 common shares of Magnum on April 8, 2022 from their personal holdings through the facilities of the TSX Venture Exchange. The directors will use all of the net proceeds from the sale of these shares to purchase units under Magnum’s non-brokered private placement financing announced on March 29, 2022.
As a result of the proposed purchase of units by these directors, Magnum anticipates that insiders may subscribe for greater than 25% of the private placement. The issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Magnum intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of Magnum’s market capitalization
For further information visit the Company’s website at www.magnumgoldcorp.com.
Magnum Goldcorp Inc.
“Douglas L. Mason”
Douglas L. Mason, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters, including the private placement financing, are forward-looking statements and, as such, are subject to risks, uncertainties and other factors which are beyond he reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.