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Magna Resources Ltd. Announces Second Tranche Closing of Non-Brokered Private Placement

January 21, 2014

ENP Newswire - 21 January 2014 Release date- 17012014 - Vancouver, B.C. - Magna Resources Ltd. (MNA:CNSX, MGRZF:OTCQX) is pleased to announce that, further to its news releases of October 18, 2013 and November 8, 2013 , it has closed the second tranche of its non-brokered private placement of 538,334 units at an offering price of $0.15 per Unit, for gross proceeds of $80,750.10 . Each Unit consists of one common share (a 'Share') and one-half of one common share purchase warrant (a 'Warrant'), with each whole Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company (a 'Warrant Share') at a price of $0.25 per Warrant Share. The Shares and Warrant Shares will be subject to a four month hold period expiring May 18, 2014 . The expiry date of the Warrants is January 17, 2016 . Finder's fees of $1,905 were paid in connection with the second tranche closing of this Private Placement. The net proceeds from the second tranche of the Private Placement of $78,845.10 are to be used for the Company's general working capital as well as preparatory work for the Phase 1 drill program at the Company's Green River Potash Project in the renowned Paradox Basin , Utah . The combined gross proceeds from the first and second tranche of the Private Placement total $344,635 and following the closing of the second tranche of the Private Placement, the Company has 53,879,232 common shares issued and outstanding. About the Company Magna Resources Ltd. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC , a Nevada limited liability corporation, holds certain State potash leases and approval of certain federal potash prospecting permits in the State of Utah that constitute the Green River Potash Project , host to a significant potash Exploration Target. Statements in this press release other than purely historical information should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward-Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward-Looking Statements. Contact: Magna Resources Ltd. Suite 1220 - Oceanic Plaza , 1066 West Hastings Vancouver, BC Canada V6E 3X1 Tel: 604-558-4955 Fax: 604-558-4956 Email: info@magnaresourcesltd.com


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Source: ENP Newswire


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