Mag Copper Limited

Mag Copper Limited

January 06, 2014 16:00 ET

Mag Copper Limited Completes Additional Tranche of Private Placement

TORONTO, ONTARIO--(Marketwired - Jan. 6, 2014) - Mag Copper Limited (the "Company") (CNSX:QUE) is pleased to announce that on December 31, 2013, it closed on an additional tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $20,000 through the issuance of 400,000 flow-through units ("FT Units") at a price of $0.05 per FT Unit.

Each FT Unit consists of one common share (a "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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