Mag Copper Limited

Mag Copper Limited

November 12, 2013 14:28 ET

Mag Copper Limited Completes Additional Tranche of Private Placement

TORONTO, ONTARIO--(Marketwired - Nov. 12, 2013) - Mag Copper Limited (the "Company") (CNSX:QUE) is pleased to announce that it has closed on an additional tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $248,500 through the issuance of 4,970,000 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.

In connection with the issuance of the Units, the Company has agreed to pay Milestone Media AG and George Pesut, (i) a cash commission equal to 8% of the aggregate proceeds of the offering attributable to such finders; and/or (ii) warrants (the "Compensation Warrants") equal to eight (8%) of the number of Units issued and sold under the offering attributable to such finders. Each Compensation Warrant will entitle the holder thereof to purchase one Common Share of the Company at an exercise price of $0.10 per Common Share for a period of twenty-four (24) months. The securities to be issued are subject to a four month hold period.

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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