MagIndustries Corp.

MagIndustries Corp.

March 14, 2005 10:21 ET

MagIndustries Corp. Announces US$4,250,000 Non Brokered Private Placement




MARCH 14, 2005 - 10:21 ET

MagIndustries Corp. Announces US$4,250,000 Non
Brokered Private Placement

HALIFAX, NOVA SCOTIA--(CCNMatthews - March 14, 2005) - MagIndustries
Corp. (the "Company") (TSX VENTURE:MAA.U) announced today that it is the
intention of the Company to complete a private placement (the
"Offering") of up to 5,000,000 units ("Units") of the Company at a price
of US$0.85 per Unit for gross proceeds of up to US$4,250,000.

Each Unit will consist of one common share of the Company and one half
of one common share purchase warrant, each whole common share purchase
warrant will entitle the holder to purchase one additional common share
of the Company at a price of US$1.50 per share on or prior to the second
anniversary of the closing of the Offering. The net proceeds of the
Offering are expected to be used for MagIndustries three business
sector, being potash, magnesium and energy, including appropriate
bankable feasibility studies and general corporate purposes. The
Offering is anticipated to close on or about March 25, 2005, subject to
receipt of all necessary regulatory approvals.

About MagIndustries Corp.:

With the rapidly growing demand from the global automotive industry for
competitively priced, high quality magnesium alloys, the Company is
accelerating the development of its 100% owned magnesium and potash salt
deposits at Pointe-Noire, Republic of Congo. The development timetable
for the Kouilou Magnesium Project is being finalized following the
Company's recently announced agreement to access low-cost hydro-electric
energy and a purchase agreement for all planned potash production.

MagIndustries Corp. is a Canadian company whose common shares are listed
on the TSX Venture Exchange and are traded in U.S. currency under the
symbol "MAA.U". The Company currently has 67,902,942 shares outstanding
on an undiluted basis. More information on the Company is available at
its website,

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.


Contact Information

    MagIndustries Corp.
    William Burton
    President & Chief Executive Officer
    (902) 257-1171
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.