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Canadian Base Metals Co. Gains Two New Assets

Source: Source: Adam Schatzker

 

November 18, 2022 (Investorideas.com Newswire) The company takeover just closed, and consequently, an NI 43-101 report from the acquirer is expected soon, noted a Research Capital Corp. report.


Magna Mining Inc. (NICU:TSX.V; MGMNF:OTCMKTS) closed its acquisition of Lonmin Canada (Loncan) for US$16 million (US$16M), reported Research Capital Corp. analyst Adam Schatzker in a November 7, 2022 research note.

The transaction includes the Denison project and the past-producing Crean Hill nickel-copper-platinum group metals mine, both located to the west-southwest of Sudbury, Ontario. Also in the area, west of Sudbury is Magna's existing project Shakespeare, a past-producing mine with a significant resource.

"We believe Magna will likely release a new 43-101 technical report shortly," Schatzker wrote, at which time Research Capital will most probably update its valuation on the Canadian base metals exploration and development company.

Now though, in addition to a Buy rating, Research Capital has a CA$1 per share target price on Magna. Its current share price, in comparison, is about CA$0.40.

To take over Loncan, Magna already paid US$13M and must remit the remaining US$3M within a year of the closing date, relayed Schatzker. The acquirer intends to pay the final tranche in cash but could cover it with Magna shares, priced at the time of issue.

With the closing of the deal, "Magna has satisfied the conditions of the escrow release relating to 71.1 million subscription receipts," Schatzker noted.

Disclosures:

1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Magna Mining Inc., a company mentioned in this article.

Disclosures For Research Capital Corp., Magna Mining Inc., November 7, 2022

1. The analyst holds shares in Magna Mining Inc.

Analyst Certification: I, Adam Schatzker, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at www.researchcapital.com or may be requested by contacting the analyst. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Adam Schatzker has visited Magna Mining Inc. in the past 18 months.

General Disclosures: The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation ("RCC") are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Research Reports disseminated by RCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

Company Specific Disclosures: Within the past 12 months, Research Capital has provided investment banking services to the issuer. The Analyst currently owns or is short shares of the issuer, which represents less than 1% of shares outstanding.

Potential Conflicts of Interest: All Research Capital Corporation ("RCC") Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

RCC USA: Information about Research Capital Corporation's Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our website at www.researchcapital.ca. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Research Capital Corporation assume any responsibility or liability. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. US Institutional Clients - Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report subject to the terms and limitations set out above. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker - Dealer registered with the Financial Industry Regulatory Authority (FINRA).

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