MagIndustries Corp. (TSX:MAA) reported that the company has agreed, subject to the execution of a definitive underwriting agreement, expected later today, to sell 50,000,000 common shares of the Company at a price of Cdn$0.40 per Share to raise gross proceeds of Cdn$20,000,000 through a syndicate of underwriters led by Cormark Securities Inc. and BMO Nesbitt Burns Inc., and including Canaccord Financial Ltd. and Jennings Capital Inc.
The press release is quoted as saying:
MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol “MAA”. The Company has 360,532,462 shares outstanding on an undiluted basis. MagIndustries’ resource subsidiaries are operating and developing major industrial projects in the Republic of Congo and the Democratic Republic of Congo.