MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

February 09, 2010 12:24 ET

MagIndustries Announces Financing

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

MagIndustries Corp. ("MagIndustries" or the "Company")(TSX:MAA) announces that it has filed a preliminary short form prospectus with respect to a marketed public offering of common shares of the Company on a "best efforts" basis in the provinces of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba and Nova Scotia. The offering is being co-led by Cormark Securities Inc. and BMO Capital Markets and includes Canaccord Financial Ltd. and Jennings Capital Inc. The offering is scheduled to close on or about February 24, 2010.

The net proceeds of the Offering will be applied to working capital and general corporate purposes as the Company concludes the agreements contemplated in the Project Development Framework announced in a press release dated February 1, 2010, and during the construction of its Mengo Potash Project, scheduled to start November 2010.

The Common Shares offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About MagIndustries Corp.

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. More information on the Company is available at its website, www.magindustries.com.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Cusip: 55917T 102

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