Mag Copper Limited
CNSX : QUE

Mag Copper Limited

November 18, 2013 16:20 ET

Mag Copper Limited Announces Oversubscription of Private Placement

TORONTO, ONTARIO--(Marketwired - Nov. 18, 2013) - Mag Copper Limited (the "Company") (CNSX:QUE) announces that, its previously announced private placement offering of 10,000,000 units ("Unit") and flow-through units ("FT Units") at a price of $0.05 per Unit (see news release dated August 14, 2013) has been oversubscribed, resulting in the closing of an additional tranche for aggregate gross proceeds of $64,000 through the issuance of an additional 1,280,000 units ("Units") at a price of $0.05 per Unit.

Each Unit consists of one common share (a "Common Share") in the capital of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 for a period of eighteen (18) months. Each FT Unit consists of one Common Share to be issued on a "flow-through" basis and one-half of one common share purchase warrant (each whole common share purchase warrant, a "FT Warrant"). Each FT Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 for a period of twenty-four (24) months.

The Company will use the proceeds of the offering to satisfy accounts payable, for exploration and development work at its Magusi River Project and for general working capital purposes.

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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