OTC-PINK:MGLQF

Magna Gold Obtains Initial Order under Companies' Creditors Arrangement Act (Canada)

Retrieved on: 
Monday, March 27, 2023
Ontario Superior Court of Justice, BIA, Bankruptcy and Insolvency Act, Bankruptcy, TSX Venture Exchange, S.A, Florida Second District Court of Appeal, CCAA, NEX, Indian stock exchange, Court, NOI, Security (finance)

TORONTO, March 27, 2023 /PRNewswire/ - Magna Gold Corp. (NEX: MGR.H) (OTCPINK: MGLQF) ("Magna Gold", and together with its direct and indirect subsidiaries, "Magna" or the "Company") announces that it was granted an initial order (the "Initial Order") pursuant to the Companies' Creditors Arrangement Act (the "CCAA") by the Ontario Superior Court of Justice (Commercial List) (the "Court") on application by Magna Gold seeking court protection from its creditors to allow it to restructure its business and property as a going concern.

Key Points: 
  • TORONTO, March 27, 2023 /PRNewswire/ - Magna Gold Corp. (NEX: MGR.H) (OTCPINK: MGLQF) ("Magna Gold", and together with its direct and indirect subsidiaries, "Magna" or the "Company") announces that it was granted an initial order (the "Initial Order") pursuant to the Companies' Creditors Arrangement Act (the "CCAA") by the Ontario Superior Court of Justice (Commercial List) (the "Court") on application by Magna Gold seeking court protection from its creditors to allow it to restructure its business and property as a going concern.
  • The Initial Order, among other things, (i) provides for a stay of all proceedings in favour of Magna Gold, staying creditors from enforcing their claims until April 4, 2023 (which date can be extended by further Order of the Court); (ii) continues, under the CCAA, the proceedings under the Bankruptcy and Insolvency Act, R.S.C.
  • Importantly, management of Magna Gold remains responsible for the day-to-day operations.
  • Effective March 8, 2023, the Common Shares were transferred to the NEX in connection with Magna Gold filing the NOI under the BIA as described in Magna Gold's news release dated March 3, 2023.

Magna Gold and its Subsidiary Obtain Creditor Protection and Announce Transfer to NEX

Retrieved on: 
Friday, March 3, 2023
Bankruptcy and Insolvency Act, Rudy Distrito, San Francisco Mining Exchange, San Francisco, TSX Venture Exchange, MGR, Bankruptcy, Sale, NOI, Florida Second District Court of Appeal, Security (finance)

The effect of the NOI is an initial and immediate stay of proceedings in favour of Magna Gold for 30 days, which stay can be extended by court order.

Key Points: 
  • The effect of the NOI is an initial and immediate stay of proceedings in favour of Magna Gold for 30 days, which stay can be extended by court order.
  • As noted, Magna Gold is seeking to restructure; not liquidate.
  • The decision to seek creditor protection for Magna Gold and Molimentales was made after careful consideration of the Company's cash position, scheduled debt payments, forecast revenue and expenses and all available alternatives.
  • No directors of Magna Gold have resigned and the board of directors continues to be comprised of six directors.

Q3 2022 Operating and Financial Results

Retrieved on: 
Tuesday, November 29, 2022
Technical report, COVID-19, Magna, San Francisco Mining Exchange, Multimedia, TSX Venture Exchange, Gold, MD, SEDAR, News, Mining, Video news release, Failure, Silver, Lithium, Potash, Risk management

TORONTO, Nov. 29, 2022 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCPINK: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three and nine months ended September 30, 2022 and 2021 ("Q3 2022" and "Q3 2021", respectively).

Key Points: 
  • TORONTO, Nov. 29, 2022 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCPINK: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three and nine months ended September 30, 2022 and 2021 ("Q3 2022" and "Q3 2021", respectively).
  • Total tonnes mined during Q3 2022 were 3.2 million compared to 6.2 million during Q3 2021.
  • Tonnes of ore processed during Q3 2022 were 1.1 million compared to 1.8 million during Q3 2021.
  • Gold production of 9,256 ounces during Q3 2022 compared to 19,102 ounces during Q3 2021.

Magna Gold Corp. - Q2 2022 Operating and Financial Results

Retrieved on: 
Tuesday, August 30, 2022
COVID-19, San Francisco, CEO, San Francisco Mining Exchange, News, Technical report, Video news release, TSX Venture Exchange, Gold, Silver, Goal, Multimedia, MD, FY, Intention, Company, Failure, SEDAR, Industry, Mission statement, Forward-looking statement, Animal, Lithium, Mobile phone, Online gambling, Risk management

TORONTO, Aug. 29, 2022 /PRNewswire/ -Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three and six months ended June 30, 2022 and 2021 ("Q2 2022" and "Q2 2021", respectively).

Key Points: 
  • TORONTO, Aug. 29, 2022 /PRNewswire/ -Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three and six months ended June 30, 2022 and 2021 ("Q2 2022" and "Q2 2021", respectively).
  • Tonnes of ore processed during Q2 2022 were 1.4 million compared to 1.3 million during Q2 2021.
  • Gold production of 10,795 ounces during Q2 2022 compared to 11,713 ounces during Q2 2021.
  • Revenues for Q2 2022 were $21.0 million compared to $21.2 million during Q2 2021.

Q1 2022 Operating and Financial Results

Retrieved on: 
Friday, May 27, 2022
Technical report, Company, McDonnell Douglas MD-11, NI, MD, News, Multimedia, TSX Venture Exchange, Gold, Mission statement, SEDAR, Goal, Micon, COVID-19, Failure, San Francisco, Industry, Intention, Forward-looking statement, San Francisco Mining Exchange, IFRS, Magna, CEO, Online gambling, Lithium, Mobile phone, Palladium, Platinum, Cryptocurrency, Mining

TORONTO, May 27, 2022 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three months ended March 31, 2022 and 2021 ("Q1 2022" and "Q1 2021", respectively).

Key Points: 
  • TORONTO, May 27, 2022 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), today announced operating and financial results for the three months ended March 31, 2022 and 2021 ("Q1 2022" and "Q1 2021", respectively).
  • Tonnes of ore processed during Q1 2022 were 1.4 million compared to 0.7 million during Q1 2021.
  • Gold production increased 21% with 11,874 ounces produced during Q1 2022 compared to 9,785 ounces produced during Q1 2021.
  • Net loss was $3.3 million ($0.04 per share) during Q1 2022 compared to $3.4 million ($0.04 per share) during Q1 2021.

Magna Gold Amends Settlement Agreement with PEAL de Mexico S.A. de C.V.

Retrieved on: 
Friday, March 18, 2022
TSX Venture Exchange, Company, Note, Loan, Forward-looking statement, Multimedia, SEDAR, Tobacco Master Settlement Agreement, Failure, Settlement, Industry, Intention, Goal, Exchange, COVID-19, News, Uncertainty, Acquisition, Security (finance)

In conjunction with the acquisition of the San Francisco mine on May 6, 2020, the Company successfully negotiated a settlement agreement with PEAL which settled amounts owing from contract mining activities owed by the predecessor owners of the San Francisco mine (the "Settlement Agreement").

Key Points: 
  • In conjunction with the acquisition of the San Francisco mine on May 6, 2020, the Company successfully negotiated a settlement agreement with PEAL which settled amounts owing from contract mining activities owed by the predecessor owners of the San Francisco mine (the "Settlement Agreement").
  • Any shares issued will be subject to a hold period expiring four months and a day following issuance.
  • President and CEO Arturo Bonillas stated: "Since the Company's inception, PEAL has been a strategic stakeholder and like all of our shareholders, a valued partner.
  • Their request to amend the terms is a testament to their ongoing commitment and validation of our strategic focus in Mexico."

Magna Gold Reports Fatal Accident at San Francisco Mine

Retrieved on: 
Wednesday, February 16, 2022
TSX Venture Exchange, San Francisco Mining Exchange, Friends, Multimedia, Time, Gold, Safety, Man, Company, Mining

TORONTO, Feb. 16, 2022 /PRNewswire/ -Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), deeply regrets to report a fatal accident involving three employees at its San Francisco Mine on February 15, 2022.

Key Points: 
  • TORONTO, Feb. 16, 2022 /PRNewswire/ -Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), deeply regrets to report a fatal accident involving three employees at its San Francisco Mine on February 15, 2022.
  • The accident occurred at approximately 11:30 a.m. local time on February 15, 2022.
  • Three mine employees were in the fine ore storage area when a cave-in occurred.
  • The cause of the cave-in is unclear at this time and an investigation will be conducted to determine the cause of the accident.